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

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New post 28 Jul 2017, 08:50
00:00
A
B
C
D
E

Difficulty:

  45% (medium)

Question Stats:

59% (01:42) correct 41% (01:58) wrong based on 85 sessions

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Joined: 02 Nov 2015
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GMAT 1: 640 Q49 V29
Re: Bob invests 100 dollars in a fund that yields 15% simple interest mont  [#permalink]

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New post 28 Jul 2017, 11:39
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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New post 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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"Nothing in this world can take the place of persistence. Talent will not: nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not: the world is full of educated derelicts. Persistence and determination alone are omnipotent."

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

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New post 28 Jul 2017, 11:49
Bunuel wrote:
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

_________________
"Nothing in this world can take the place of persistence. Talent will not: nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not: the world is full of educated derelicts. Persistence and determination alone are omnipotent."

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

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New post 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] 29 Jul 2017, 11:05
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