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Anand has $1,000,000 deposit in a bank, compounded annually, What is the interest rate?
a. the intrest earned in 2nd year is 1.1 times that of the first year.
b. the intrest earned in 2nd year is 1000 dollars more than that of the first year.
a. the intrest earned in 2nd year is 1.1 times that of the first year.
b. the intrest earned in 2nd year is 1000 dollars more than that of the first year.
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18 Mar 2004, 13:06
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P - Principle
R - interest rate
A)
Sum after first year = P(1+R/100 )
Sum after 2nd year = P(1+R/100) ^ 2 = P(1+R^2/100^2+ 2R/100 )
so PR/100( R/100 + 2 ) = 1.1 * PR/100
I get R = -90 which is incorrect.
There is some problem in the stem.
B) PR/100( R/100 + 2 ) = 1000 + PR/100
This equation can be solved and has real roots.
I will go with B on this one.
[/b]
R - interest rate
A)
Sum after first year = P(1+R/100 )
Sum after 2nd year = P(1+R/100) ^ 2 = P(1+R^2/100^2+ 2R/100 )
so PR/100( R/100 + 2 ) = 1.1 * PR/100
I get R = -90 which is incorrect.
There is some problem in the stem.
B) PR/100( R/100 + 2 ) = 1000 + PR/100
This equation can be solved and has real roots.
I will go with B on this one.
[/b]
