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A man invested $P in a certain bank at the rate of r% per annum compou

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Director
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Joined: 20 Jul 2017
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Location: India
Concentration: Entrepreneurship, Marketing
WE: Education (Education)
A man invested $P in a certain bank at the rate of r% per annum compou  [#permalink]

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New post 17 Jul 2019, 04:25
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A
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C
D
E

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  25% (medium)

Question Stats:

73% (01:41) correct 27% (01:18) wrong based on 22 sessions

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A man invested $P in a certain bank at the rate of r% per annum compounded annually. If the amount becomes 1.44 times of itself in n years, what is n?

(1) r = 20%
(2) At the same rate of interest the amount becomes 1.728 times itself in 3 years.
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Re: A man invested $P in a certain bank at the rate of r% per annum compou  [#permalink]

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New post 17 Jul 2019, 17:43
Here I need a little help.
May I go ahead with option selection just after recognizing that I need to find one variable only and the value of that variable will be unique.
For example, St.1 gives me R= 20% and from the question stem, I know that A= 1.44P (A is compounded amount and P is the principal amount.)
Now I need to calculate only the value of n(Years) which is going to be single unique. Thus, St.1 is sufficient.

St.2 gives me A= 1.728P in 3 years. Here I can calculate R(Rate of interest) and then I can figure out the value of n (year) as I calculated in st.1.
Thus, St.2 is also sufficient.

D is correct choice.
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Re: A man invested $P in a certain bank at the rate of r% per annum compou   [#permalink] 17 Jul 2019, 17:43
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A man invested $P in a certain bank at the rate of r% per annum compou

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