GMAT Question of the Day - Daily to your Mailbox; hard ones only

 It is currently 12 Dec 2018, 00:14

### GMAT Club Daily Prep

#### Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

## Events & Promotions

###### Events & Promotions in December
PrevNext
SuMoTuWeThFrSa
2526272829301
2345678
9101112131415
16171819202122
23242526272829
303112345
Open Detailed Calendar
• ### The winning strategy for 700+ on the GMAT

December 13, 2018

December 13, 2018

08:00 AM PST

09:00 AM PST

What people who reach the high 700's do differently? We're going to share insights, tips and strategies from data we collected on over 50,000 students who used examPAL.
• ### GMATbuster's Weekly GMAT Quant Quiz, Tomorrow, Saturday at 9 AM PST

December 14, 2018

December 14, 2018

09:00 AM PST

10:00 AM PST

10 Questions will be posted on the forum and we will post a reply in this Topic with a link to each question. There are prizes for the winners.

### Show Tags

31 May 2008, 13:17
2
6
00:00

Difficulty:

15% (low)

Question Stats:

75% (00:56) correct 25% (01:13) wrong based on 637 sessions

$1000(1.056)(3) 1,000(3 + 1.056) 1,000(1+3(0.056) 1,000[1+(0.056)^3] 1,000(1.056)^3 the formula is CI=P(1+r/100)^t in this case i think E is the ans SVP Status: The Best Or Nothing Joined: 27 Dec 2012 Posts: 1825 Location: India Concentration: General Management, Technology WE: Information Technology (Computer Software) Re: GMATPrep INterest [#permalink] ### Show Tags 14 May 2014, 22:58 1 FN wrote: jimmyjamesdonkey wrote: If$1,000 was invested at an annual interest rate of 5.6 % compounded annually, which of the following represents the amount the investment was worth after 3 years?

$1000(1.056)(3) 1,000(3 + 1.056) 1,000(1+3(0.056) 1,000[1+(0.056)^3] 1,000(1.056)^3 the formula is CI=P(1+r/100)^t in this case i think E is the ans It should be Amount instead of CI CI amount calculated as below: $$Amount = P (1+\frac{r}{100})^n$$ CI = Amount - P _________________ Kindly press "+1 Kudos" to appreciate Manager Joined: 21 Oct 2013 Posts: 187 Location: Germany GMAT 1: 660 Q45 V36 GPA: 3.51 Re: If$1,000 was invested at an annual interest rate of 5.6 %  [#permalink]

### Show Tags

20 Jun 2014, 00:20
1
1000 * 1.056 * 1.056 * 1.056 = 1000 * 1.056^3. E.
Intern
Joined: 22 Feb 2014
Posts: 27
Re: If $1,000 was invested at an annual interest rate of 5.6 % [#permalink] ### Show Tags 24 Jul 2014, 10:02 FN wrote: jimmyjamesdonkey wrote: If$1,000 was invested at an annual interest rate of 5.6 % compounded annually, which of the following represents the amount the investment was worth after 3 years?

$1000(1.056)(3) 1,000(3 + 1.056) 1,000(1+3(0.056) 1,000[1+(0.056)^3] 1,000(1.056)^3 the formula is CI=P(1+r/100)^t in this case i think E is the ans Hi why its E?..I thought its D according to formula Math Expert Joined: 02 Sep 2009 Posts: 51103 Re: If$1,000 was invested at an annual interest rate of 5.6 %  [#permalink]

### Show Tags

24 Jul 2014, 10:05
GGMAT760 wrote:
FN wrote:
jimmyjamesdonkey wrote:
If $1,000 was invested at an annual interest rate of 5.6 % compounded annually, which of the following represents the amount the investment was worth after 3 years?$1000(1.056)(3)
1,000(3 + 1.056)
1,000(1+3(0.056)
1,000[1+(0.056)^3]
1,000(1.056)^3

the formula is CI=P(1+r/100)^t

in this case i think E is the ans

Hi

why its E?..I thought its D according to formula

Substitute into the formula and see what you get or check here: if-1-000-was-invested-at-an-annual-interest-rate-of-64739.html#p1375378
_________________
Intern
Joined: 14 Jun 2018
Posts: 1
Re: If $1,000 was invested at an annual interest rate of 5.6 % [#permalink] ### Show Tags 25 Jun 2018, 07:56 I feel this question is too easy to be in GMAT. Re: If$1,000 was invested at an annual interest rate of 5.6 % &nbs [#permalink] 25 Jun 2018, 07:56
Display posts from previous: Sort by