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If Asif invests $1,20,000, what will be the closet amount with 10%

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If Asif invests $1,20,000, what will be the closet amount with 10%  [#permalink]

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New post 08 Mar 2019, 01:15
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A
B
C
D
E

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Question Stats:

18% (01:31) correct 82% (01:49) wrong based on 33 sessions

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If Asif invests $1,20,000, what will be the closet amount with 10% interest, compound annually, after 3 years?

A. 1,55,000
B. 1,58,000
C. 1,59,000
D. 1,59,500
E. 1,60,000
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Re: If Asif invests $1,20,000, what will be the closet amount with 10%  [#permalink]

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New post 08 Mar 2019, 01:51
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consider 120,000 as 120 for simpler calculation.
then CI = \(120(1.10)^3\) = 159.720
which is closer to 159500 than 160000.
As the difference between 159500 is 220 and that of 160000 is 270.

Shouldn't the answer be D? rather than E.
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Re: If Asif invests $1,20,000, what will be the closet amount with 10%  [#permalink]

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New post 08 Mar 2019, 01:55
Chethan92 wrote:
consider 120,000 as 120 for simpler calculation.
then CI = \(120(1.10)^3\) = 159.720
which is closer to 159500 than 160000.
As the difference between 159500 is 220 and that of 160000 is 270.

Shouldn't the answer be D? rather than E.



When you will round 159720, it will be 160000.

1597 = 1600

Pls give me +1 kudos.
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Re: If Asif invests $1,20,000, what will be the closet amount with 10%  [#permalink]

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New post 08 Mar 2019, 02:02
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If the options hadn't contained 159500, I would have chosen E. But, D is closer to me.
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Re: If Asif invests $1,20,000, what will be the closet amount with 10%  [#permalink]

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New post 08 Mar 2019, 02:19
Chethan92 wrote:
If the options hadn't contained 159500, I would have chosen E. But, D is closer to me.


Dear Chethan92

When you will round 159720, it will be 160000.

1597 = 1600

Pls give me +1 kudos.
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Re: If Asif invests $1,20,000, what will be the closet amount with 10%  [#permalink]

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New post 08 Mar 2019, 02:21
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Yes, I know. We should always round it to the nearer largest available value.
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Re: If Asif invests $1,20,000, what will be the closet amount with 10%  [#permalink]

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New post 19 Mar 2019, 22:44
IMO: I don't think Gmat ever test these type of concept.
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Re: If Asif invests $1,20,000, what will be the closet amount with 10%  [#permalink]

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New post 20 Mar 2019, 21:11
I agree that d is closer
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Re: If Asif invests $1,20,000, what will be the closet amount with 10%   [#permalink] 20 Mar 2019, 21:11
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