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# A deposit at a local bank earns between 2 percent and 5 percent simple

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Math Expert
Joined: 02 Sep 2009
Posts: 51121
A deposit at a local bank earns between 2 percent and 5 percent simple  [#permalink]

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08 Jun 2018, 22:53
00:00

Difficulty:

5% (low)

Question Stats:

93% (01:08) correct 7% (01:17) wrong based on 39 sessions

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A deposit at a local bank earns between 2 percent and 5 percent simple interest in a year. If Shirley makes an initial deposit of $800 at the bank, which of the following could be the amount of money in her account at the end of one year? A.$814
B. $820 C.$842
D. $848 E.$860

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Re: A deposit at a local bank earns between 2 percent and 5 percent simple  [#permalink]

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09 Jun 2018, 01:14
Bunuel wrote:
A deposit at a local bank earns between 2 percent and 5 percent simple interest in a year. If Shirley makes an initial deposit of $800 at the bank, which of the following could be the amount of money in her account at the end of one year? A.$814
B. $820 C.$842
D. $848 E.$860

$$Simple interest = P*N*R/100$$
P=$800 N= 1 year 2<R<5 let go to answer choices A.$814 , Simple Intrest = 814-800 = 14 ; plugin this value in above formula we get R = 1.75% Not in given range for R
B. $820 , Simple Intrest = 820-800 = 20 ; plugin this value in above formula we get R = 2.5% In the given range hence right we can stop here as we got right ans, Gmat wont have multiple right answer u can bet on dat. _________________ If this post helped you learn something pls give kudos Senior PS Moderator Joined: 26 Feb 2016 Posts: 3325 Location: India GPA: 3.12 Re: A deposit at a local bank earns between 2 percent and 5 percent simple [#permalink] ### Show Tags 09 Jun 2018, 02:00 Bunuel wrote: A deposit at a local bank earns between 2 percent and 5 percent simple interest in a year. If Shirley makes an initial deposit of$800 at the bank, which of the following could be the amount of money in her account at the end of one year?

A. $814 B.$820
C. $842 D.$848
E. $860 If a deposit in the local bank earns between 2 and 5 percent simple interest in a year the minimum amount Shirley makes in a year on the deposit of 800 is 1.02*800 = 816. Similarly, the maximum amount Shirley would make on the deposit is 1.05*800 = 840. Therefore, the only value in the answer options within that range is$820(Option B)
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Re: A deposit at a local bank earns between 2 percent and 5 percent simple &nbs [#permalink] 09 Jun 2018, 02:00
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