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13 May 2017, 18:50
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John has been saving $x annually since 3 years ago, and the interest rate for his savings increased r% annually. After saving the money for 3 years as such, he withdrew all the money in the account and spent it all in one year. If he spent a constant amount per each month, how much money did he spend each month in terms of x and r?
(A) x/2 (1+r/100)
(B) x/4 (1+r/100)
(C) x/6 (1+r/100)
(D) x/4 (1+r/50)
(E) x/4 (1+r/25)
(A) x/2 (1+r/100)
(B) x/4 (1+r/100)
(C) x/6 (1+r/100)
(D) x/4 (1+r/50)
(E) x/4 (1+r/25)
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23 May 2017, 12:40
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It took me 5+ minute to solve the question - at the end I had to put the values r=10% and calculate the value of the amount with approximation the result was close to option D; I marked it and went ahead. Not much pathetic approach would exist than this one.
Please help me by posting the method to solve the question.
Please help me by posting the method to solve the question.
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24 May 2017, 05:59
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John has been saving $x annually since 3 years ago, and the interest rate for his savings increased r% annually. After saving the money for 3 years as such, he withdrew all the money in the account and spent it all in one year. If he spent a constant amount per each month, how much money did he spend each month in terms of x and r?
(A) x/2 (1+r/100)
(B) x/4 (1+r/100)
(C) x/6 (1+r/100)
(D) x/4 (1+r/50)
(E) x/4 (1+r/25)
(A) x/2 (1+r/100)
(B) x/4 (1+r/100)
(C) x/6 (1+r/100)
(D) x/4 (1+r/50)
(E) x/4 (1+r/25)
Bad question, because the answer assumed simple interest rate, however, the text of the question assumed compound interest rate.
How I've solved this question:
1st-year money: x*(1+r/100), 2nd year: x*(1+2r/100), 3rd: x(1+3r/100).
Add this together and divide by 12 (months): (3x+6r/100)/12=x/4*(1+r/50).
However, my initial assumption was: (x*(1+r/100)*(1+2r/100)*(1+3r/100))/12, but this definitely would not result in any answer given.
