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26 Jan 2016, 08:17
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B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
95%
(hard)
Question Stats:
35% (01:41) correct
65%
(01:41)
wrong
based on 268
sessions
History
Date
Time
Result
Not Attempted Yet
A savings account earned 1% interest compounded each month, credited on the last day of the month. On December 8 there was $1,115.67 in the account. During which month did the account first exceed $1,100?
(1) $1,000 was deposited on the previous December 31.
(2) There were no deposits or withdrawals this year.
(1) $1,000 was deposited on the previous December 31.
(2) There were no deposits or withdrawals this year.
26 Jan 2016, 20:34
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Amount = 1115.67, Interest = 1%
Using the above two values, we can calculate the month in which the Amount exceeded 1100 provided there was no addition or subtraction to the value in the account
St1: Not sufficient --> We do not know if there were any deposits or withdrawals
St2: Sufficient. (1115.67/1.01) gives the amount for previous month and so on. The exact month can be calculated if there are no deposits or withdrawals.
Answer: B
Using the above two values, we can calculate the month in which the Amount exceeded 1100 provided there was no addition or subtraction to the value in the account
St1: Not sufficient --> We do not know if there were any deposits or withdrawals
St2: Sufficient. (1115.67/1.01) gives the amount for previous month and so on. The exact month can be calculated if there are no deposits or withdrawals.
Answer: B
siddharthkapoor
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12 Oct 2019, 11:29
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Bunuel
We're given the final amount, time period, type of interest, and rate of interest. Using these information, we can find the month in which the account first exceed $1,100 provided we can be sure of whether or not there were any other transactions involved during the course of time.
(1) Since we do not know whether there were any deposits or withdrawals, we can't find out answer.
Thus, not sufficient.
(2) 1000=(1115.67)/\((1.01)^t\)
From the above equation we can find the value of t.
Thus, sufficient.
Therefore, the answer is option B.
