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23 Jun 2008, 10:38
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C
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
35%
(medium)
Question Stats:
67% (01:07) correct
33%
(01:08)
wrong
based on 2250
sessions
History
Date
Time
Result
Not Attempted Yet
If $10,000 is invested at x percent simple annual interest for n years, which of the following represents the total amount of interest, in dollars, that will be earned by this investment in the n years?
A. \(10,000(x^n)\)
B. \(10,000(\frac{x}{100})^n\)
C. \(10,000n(\frac{x}{100})\)
D. \(10,000(1+\frac{x}{100})^n\)
E. \(10,000n(1+\frac{x}{100})\)
A. \(10,000(x^n)\)
B. \(10,000(\frac{x}{100})^n\)
C. \(10,000n(\frac{x}{100})\)
D. \(10,000(1+\frac{x}{100})^n\)
E. \(10,000n(1+\frac{x}{100})\)
Updated on: 23 Jun 2008, 10:56
Originally posted by brokerbevo on 23 Jun 2008, 10:48.
Last edited by brokerbevo on 23 Jun 2008, 10:56, edited 4 times in total.
Last edited by brokerbevo on 23 Jun 2008, 10:56, edited 4 times in total.
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gmat blows
I know this problem may seem easy to the business savy people...but as an engineer, I dont know any of these formulas...
If $10,000 is invested at x percent simple annual interest for n years, which of the following represents the total amount of interest, in dollars, that will be earned by this investment in the n years?
A) 10,000(x^n)
B) 10,000(x/100)^n
C) 10,000n(x/100)
D) 10,000(1+x/100)^n
E) 10,000n(1+x/100)
----
This is a GMATPrep question and I'm surprised that GMAT would just ask such a direct question as asking to regurgitate a formula - is there a trick to this that I did not pick up on?? BTW, I picked D (I swear, I've seen that formula floating around...but apparently I'm wrong)
thanks.
If $10,000 is invested at x percent simple annual interest for n years, which of the following represents the total amount of interest, in dollars, that will be earned by this investment in the n years?
A) 10,000(x^n)
B) 10,000(x/100)^n
C) 10,000n(x/100)
D) 10,000(1+x/100)^n
E) 10,000n(1+x/100)
----
This is a GMATPrep question and I'm surprised that GMAT would just ask such a direct question as asking to regurgitate a formula - is there a trick to this that I did not pick up on?? BTW, I picked D (I swear, I've seen that formula floating around...but apparently I'm wrong)
thanks.
C
The reasoning is from the following:
The formula for simple rate of interest is F = P(1+rt) where
F = future value
P = present value
r = rate
t = time
We can substitute x for r
n for t
and 10,000 in for P
F = 10,000(1+xn)
This formula will tell you the principal (original amount invested) + interest, but we only want interest, so the "1+" portion of the formula in unecessary. -->
F = 10,000(xn)
Now, we need to get the x into terms of a percentage, so we divide x by 100 -->
F = 10,000(n * x/100)
If we move the n outisde the brackets, we get -->
F = 10,000n(x/100) --> C
23 Jun 2008, 10:45
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C
I = P R T
The tricky part is to recognize x/100 is the rate.
GMAT people love this particular nomenclature for some reason. When they say "x percent" they want the math to be express as x/100. For most of us (me at least), When I see x percent (ex: 50 percent), I see .5 and see no need to express it as .5/100. I have countless wrong answers due to this 1 technicality.
I = P R T
The tricky part is to recognize x/100 is the rate.
GMAT people love this particular nomenclature for some reason. When they say "x percent" they want the math to be express as x/100. For most of us (me at least), When I see x percent (ex: 50 percent), I see .5 and see no need to express it as .5/100. I have countless wrong answers due to this 1 technicality.
