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Bob invests 100 dollars in a fund that yields 15% simple interest mont

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Bunuel
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Bob invests 100 dollars in a fund that yields 15% simple interest mont [#permalink] Bob invests 100 dollars in a fund that yields 15% simple interest mont   28 Jul 2017, 08:50
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63% (01:43) correct 37% (02:02) wrong based on 283 sessions
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Bob invests 100 dollars in a fund that yields 15% simple interest monthly. If Bob invests the principal in the middle of January, which is the first month will he have more than $200 total?

(A) June

(B) July

(C) August

(D) February

(E) March
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C
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Re: Bob invests 100 dollars in a fund that yields 15% simple interest mont [#permalink] Bob invests 100 dollars in a fund that yields 15% simple interest mont   28 Jul 2017, 11:39
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Mid January it's 100.
Mid February it's 115.
Mid March it's 130..
.
.
. similarly mid July it's 190.
So in August it will have more than 200.
So !y answer is C.

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Bob invests 100 dollars in a fund that yields 15% simple interest mont [#permalink] Bob invests 100 dollars in a fund that yields 15% simple interest mont   28 Jul 2017, 11:45
I believe the question needs correction Bunuel

Bob invests 100 dollars in a fund that yields 15% simple interest monthly. If Bob invests the principal in the middle of January, which is the first month in which month he will have more than $200 total?

Please check if the red portion needs to be added?
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Re: Bob invests 100 dollars in a fund that yields 15% simple interest mont [#permalink] Bob invests 100 dollars in a fund that yields 15% simple interest mont   28 Jul 2017, 11:49
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Bunuel
Bob invests 100 dollars in a fund that yields 15% simple interest monthly. If Bob invests the principal in the middle of January, which is the first month will he have more than $200 total?

(A) June

(B) July

(C) August

(D) February

(E) March

Mid Jan - $ 100 - After that we should be adding 15% of simple interest every month

Simple Interest Amount per month = $15

$ 15 * 6 = 90 which means by Mid July we should be having $190

Hence, the first month it will have $200 is August.

Hence, Answer is C
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Re: Bob invests 100 dollars in a fund that yields 15% simple interest mont [#permalink] Bob invests 100 dollars in a fund that yields 15% simple interest mont   29 Jul 2017, 11:05
Bunuel will such questions mention when the interest is calculated??? or some assumption to be done?
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Re: Bob invests 100 dollars in a fund that yields 15% simple interest mont [#permalink] Bob invests 100 dollars in a fund that yields 15% simple interest mont   11 Aug 2024, 23:34
Hello from the GMAT Club BumpBot!

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Re: Bob invests 100 dollars in a fund that yields 15% simple interest mont [#permalink]
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