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19 Aug 2018, 09:49
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C
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
15%
(low)
Question Stats:
79% (01:25) correct
21%
(01:40)
wrong
based on 250
sessions
History
Date
Time
Result
Not Attempted Yet
At her current job, Mary gets a 1.5% raise twice per year. Which of the following choices represents Mary’s current income y years after starting the job at a starting salary of s?
(A) \(s(1.5)^{2y}\)
(B) \(s(0.015)^{2y}\)
(C) \(s(1.015)^{2y}\)
(D) \(s(1.5)\frac{y}{2}\)
(E) \(s(1.015)\frac{y}{2}\)
(A) \(s(1.5)^{2y}\)
(B) \(s(0.015)^{2y}\)
(C) \(s(1.015)^{2y}\)
(D) \(s(1.5)\frac{y}{2}\)
(E) \(s(1.015)\frac{y}{2}\)
19 Aug 2018, 10:29
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Bunuel
1.5% rise is equivalent to s*\((1+\frac{1.5}{100})=s*(1+0.015)=s*1.015\)
Mary’s current income y years after starting the job=\(s(1.015)^{2y}\) (Since income increases twice a year)
Ans. (C)
12 Feb 2019, 10:40
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Bunuel
One approach here is to apply the COMPOUND INTEREST formula.
However, if you didn't see that the question is analogous to a COMPOUND INTEREST question, we can also solve the question by looking for a pattern.
Let's try that:
Time elapsed (in years) | salary
0 | s
0.5 | (1.015)(s)
1 | (1.015)(1.015)(s)= (1.015)²(s) =
1.5 | (1.015)(1.015)(1.015)(s) = (1.015)³(s) =
2 | (1.015)⁴(s)
2.5 | (1.015)⁵(s)
3 | (1.015)⁶(s)
3.5 | (1.015)⁷(s)
4 | (1.015)⁸(s)
.
.
.
See the pattern???
.
.
.
y | (1.015)^2y(s)
Answer: C
Cheers,
Brent
