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17 Apr 2019, 21:21
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Difficulty:
15%
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Question Stats:
89% (01:03) correct
11%
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wrong
based on 54
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A fund was invested 25 years ago. Its value is approximately $300,000 now. If the value of the fund doubled each year for the last 10 years, how long ago was the value of the fund exactly half of the current value?
(A) Half a year ago.
(B) 1 year ago.
(C) 2 years ago.
(D) 5 years ago.
(E) 10 years ago.
(A) Half a year ago.
(B) 1 year ago.
(C) 2 years ago.
(D) 5 years ago.
(E) 10 years ago.
Archit3110
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18 Apr 2019, 03:21
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Bunuel
not able to understand the question well,... not sure of method to solve it using with...
Vinit800HBS
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Joined: 29 Dec 2018
Last visit: 24 Apr 2026
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Location: India
Schools: HBS '22 Wharton '22 Stanford '22
GRE 1: Q170 V163
Expert reply
03 May 2019, 07:52
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If for the last 10 years, the amount becomes double every year then logically today's amount is just double of previous year's amount. So, Last year's amount *2 = Today's amount
So, Last year's amount = Today's amount /2 i.e. half of today's amount.
So, exactly 1 year ago, the amount was half of today's value.
So, Last year's amount = Today's amount /2 i.e. half of today's amount.
So, exactly 1 year ago, the amount was half of today's value.
