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Jane's investment of $200 increased by 200% in 7 years when compounded

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Jane's investment of $200 increased by 200% in 7 years when compounded  [#permalink]

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New post 27 Apr 2017, 23:24
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Question Stats:

58% (01:50) correct 42% (02:20) wrong based on 101 sessions

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Jane's investment of $200 increased by 200% in 7 years when compounded annually. If she wants to earn an additional compound interest of $4800, for how many more years should she keep her money invested?


    A. 7 years
    B. 14 years
    C. 21 years
    D. 24 years
    E. 30 years


Thanks,
Saquib
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Re: Jane's investment of $200 increased by 200% in 7 years when compounded  [#permalink]

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New post 28 Apr 2017, 01:07
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1
Nice one.
Here is what i did ==>

In 7 years => 200 becomes => 600

So the value becomes thrice of itself in every 7 years.

200-------600------1800------5400------

After 7 years->For an additional $4800 => Value must be 600+4800=> $5400

Hence she must wait an additional 14 years.

Smash that B.


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Re: Jane's investment of $200 increased by 200% in 7 years when compounded  [#permalink]

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New post 27 Apr 2017, 23:24
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Re: Jane's investment of $200 increased by 200% in 7 years when compounded  [#permalink]

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New post 04 Oct 2017, 18:54
stonecold wrote:
Nice one.
Here is what i did ==>

In 7 years => 200 becomes => 600

So the value becomes thrice of itself in every 7 years.

200-------600------1800------5400------

After 7 years->For an additional $4800 => Value must be 600+4800=> $5400

Hence she must wait an additional 14 years.

Smash that B.




Im not sure how u got 600 because 200 increased by 200% in 7 years when compounded annually will be much higher...

Could u pls explain?

I don't know if I have understood it right..

Thanks in advance..
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Jane's investment of $200 increased by 200% in 7 years when compounded  [#permalink]

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New post 16 Oct 2017, 11:31
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EgmatQuantExpert wrote:
Jane's investment of $200 increased by 200% in 7 years when compounded annually. If she wants to earn an additional compound interest of $4800, for how many more years should she keep her money invested?


    A. 7 years
    B. 14 years
    C. 21 years
    D. 24 years
    E. 30 years


Thanks,
Saquib
Quant Expert
e-GMAT

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in every 7 years, the value rises by 200%. Now, with the investment of 200, if one needs to have 200% profits, the value will be 600.
The gain of 4800 above this would be 600. In another 7 years, 600 will be 1800 with gain of 1200 and in another 7 years, it shall be 5400 with gain of 4800.
Boom!!

Always remember, GMAT do not want to test your understanding on math, but your analytical skills. They do not want us to remember complex formulas so a little common sense should suffice.

BTW, B is the answr.
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Jane's investment of $200 increased by 200% in 7 years when compounded &nbs [#permalink] 16 Oct 2017, 11:31
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