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21 Dec 2017, 03:56
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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:
(N/A)
Question Stats:
50% (02:01) correct
50%
(03:32)
wrong
based on 2
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Not Attempted Yet
If $2.00 were invested at 4% annual interest at the end of 8 years the total value of investment would be
A. $1.63
B. $2.08
C. $2.64
D. $2.74
E. $2.80
A. $1.63
B. $2.08
C. $2.64
D. $2.74
E. $2.80
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21 Dec 2017, 06:17
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Bunuel
$2.00 invested at 4% annual interest at the end of 8 years \(= (1.04)^8*2 = $2.74\)
Answer: option D
@Bunual : Keen to see official answer to see How you do the calculation of \(1.04^8\) without calculator as per GMAT standard.
21 Dec 2017, 06:32
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Bunuel
The question doesn't say whether it is simple interest or compound. Since nothing is mentioned and the time period is 8 years, I am inclined to assume simple interest and move on.
A = P (1 + RT/100) = 2 (1 + 4*8/100) = $2.64
Answer (C)
