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Updated on: 08 Mar 2008, 10:29
Originally posted by marcodonzelli on 07 Mar 2008, 12:47.
Last edited by marcodonzelli on 08 Mar 2008, 10:29, edited 1 time in total.
Last edited by marcodonzelli on 08 Mar 2008, 10:29, edited 1 time in total.
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If $1000 is deposited in a certain bank account and remains in the account
along with any accumulated interest, the dollar amount of interest I earned by
the deposit in the first n years is given by the formula I= 1000[(1+r/100)^n -1]
where r is the annual rate of interest paid by the bank. Is the annual interest
rate paid by the bank is greater than 8 % ?
(1) The deposit earns a total of $210 in interest in the first two years.
(2) (1+r/100)2 > 1.15
along with any accumulated interest, the dollar amount of interest I earned by
the deposit in the first n years is given by the formula I= 1000[(1+r/100)^n -1]
where r is the annual rate of interest paid by the bank. Is the annual interest
rate paid by the bank is greater than 8 % ?
(1) The deposit earns a total of $210 in interest in the first two years.
(2) (1+r/100)2 > 1.15
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07 Mar 2008, 13:00
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A
1 - suff. didn't do the math. But given n, can figure out r.
2 - insuff. I took 8% and the value on left hand side came to 1.1664 which is great than 1.15. So can't say if it is 8% or great than 8%.
1 - suff. didn't do the math. But given n, can figure out r.
2 - insuff. I took 8% and the value on left hand side came to 1.1664 which is great than 1.15. So can't say if it is 8% or great than 8%.
07 Mar 2008, 13:13
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A as well.
from stat 1, we can figure out r.
from stat 2, numbers bigger than 7 work .... but they dont have to be bigger than 8. insuff.
by the way, does anyone have a quick method for stat 2 to check various numbers ?
from stat 1, we can figure out r.
from stat 2, numbers bigger than 7 work .... but they dont have to be bigger than 8. insuff.
by the way, does anyone have a quick method for stat 2 to check various numbers ?
