Last visit was: 12 Jul 2024, 19:24 It is currently 12 Jul 2024, 19:24
Close
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Close
Request Expert Reply
Confirm Cancel
SORT BY:
Date
Math Expert
Joined: 02 Sep 2009
Posts: 94302
Own Kudos [?]: 640182 [4]
Given Kudos: 84576
Send PM
Math Expert
Joined: 02 Sep 2009
Posts: 94302
Own Kudos [?]: 640182 [2]
Given Kudos: 84576
Send PM
Intern
Intern
Joined: 08 Jan 2017
Posts: 18
Own Kudos [?]: 11 [1]
Given Kudos: 308
Location: India
GMAT 1: 630 Q45 V31
GMAT 2: 670 Q48 V34
GPA: 4
WE:Engineering (Computer Software)
Send PM
Intern
Intern
Joined: 17 Mar 2021
Posts: 3
Own Kudos [?]: 4 [1]
Given Kudos: 34
Send PM
Re: If money is invested at r percent interest, compounded annually, the [#permalink]
1
Kudos
Given:

2p = p(1+ r/100)^70/r..... i

also, it tells us that Chris spends 1000 at the rate of 4% compound interest rate annually, and we have to find out the value at the end of 35 yrs

P=? @ 1000(1+4/100)^35 ...ii

If we compare both the equations,
P will be doubled in 70/r
here r=4
therefore, P will be doubled in T= 70/4
since P = 1000;
P= 2000 in T= 70/4 or 35/2

and P= 4000 in T = 70/2 or 35

Hence option A
User avatar
Non-Human User
Joined: 09 Sep 2013
Posts: 33953
Own Kudos [?]: 851 [0]
Given Kudos: 0
Send PM
Re: If money is invested at r percent interest, compounded annually, the [#permalink]
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
GMAT Club Bot
Re: If money is invested at r percent interest, compounded annually, the [#permalink]
Moderator:
Math Expert
94302 posts