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Grace makes an initial deposit of x dollars into a savings
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25 May 2011, 11:55

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A

B

C

D

E

Difficulty:

(N/A)

Question Stats:

14% (00:00) correct 86% (02:04) wrong based on 7 sessions

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Grace makes an initial deposit of x dollars into a savings account with a z percent interest rate, compounded annually. On the same day, Georgia makes an initial deposit of y dollars into a savings account with a z percent annual interest rate, compounded quarterly. Assuming that neither Grace nor Georgia makes any other deposits or withdrawals and that x, y, and z are positive numbers no greater than 50, whose savings account will contain more money at the end of exactly one year?

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Re: Grace makes an initial deposit of x dollars into a savings
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25 May 2011, 17:54

I think answer could be B here.

Grace savings G1 = x (1+z/100) Georgia's savings G2 = y (1+ z/q*100)^nq st - 1 ==> z = 4; not sufficient st - 2 ==> 100 * y = zx ==> x = 100*y/z and given x, y and z are >0 and <=50 plugging in the extreme possible values of x, y and z in above equation - x = 50, y =1 and z = 2 x = 50, y = 25 and z = 50 x = 2, y =1 and z = 50

notice that y cannot have value greater than 25 and x can have value of 50. if you plug these values in G1 and G2 equations; G1 > G2 for all possibilities. So st -2 is sufficient alone.

Re: Grace makes an initial deposit of x dollars into a savings
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03 Dec 2017, 00:58

ghostdude wrote:

Grace makes an initial deposit of x dollars into a savings account with a z percent interest rate, compounded annually. On the same day, Georgia makes an initial deposit of y dollars into a savings account with a z percent annual interest rate, compounded quarterly. Assuming that neither Grace nor Georgia makes any other deposits or withdrawals and that x, y, and z are positive numbers no greater than 50, whose savings account will contain more money at the end of exactly one year?

This is not a quality discussion. It has been retired.

If you would like to discuss this question please re-post it in the respective forum. Thank you!

To review the GMAT Club's Forums Posting Guidelines, please follow these links: Quantitative | Verbal Please note - we may remove posts that do not follow our posting guidelines. Thank you.