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### Show Tags

31 May 2008, 14:17
2
5
00:00

Difficulty:

15% (low)

Question Stats:

74% (00:35) correct 26% (00:47) wrong based on 594 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: 1835 Location: India Concentration: General Management, Technology WE: Information Technology (Computer Software) Re: GMATPrep INterest [#permalink] ### Show Tags 14 May 2014, 23:58 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: 188 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]

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20 Jun 2014, 01:20
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, 11:02 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: 49268 Re: If$1,000 was invested at an annual interest rate of 5.6 %  [#permalink]

### Show Tags

24 Jul 2014, 11:05
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
_________________
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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, 08:56 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, 08:56
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