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Nikhil30
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Joined: 03 Jan 2019
Last visit: 29 Sep 2021
Posts: 26
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Schools: Ross '23 (A)
13 Jul 2021, 01:41
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Bunuel
hey thanks for this explanation ,
but just one small query may be a bit silly .
so can we solve this question by these steps are a but longer but i am just asking tom solidify my concept :
1. SI=PNR/100 so for first 6 months it should be SI=10,000*2*6/100*12=100$
2. 10,000+100$=10,100$= next 6 months = 10100*3*6/100*12=151.5
3. 10100+151.5=10251.5*4*6/100*12
is this the wrong way to solve this question??
20 Aug 2022, 00:45
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I am not able to get the concept of the time factor ,
While calculating for the first 6 months why are we not considering 6/12 in calculation and similarly for the next 2 time phases .
Experts please provide some insight into this
While calculating for the first 6 months why are we not considering 6/12 in calculation and similarly for the next 2 time phases .
Experts please provide some insight into this
20 Aug 2022, 09:44
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AnandRB
Hi AnandRB,
In typical 'interest rate' questions, the prompt will often refer to an ANNUAL interest rate - meaning that if an investment is gaining interest for less than a year, you have to multiply by whatever fraction-of-the-year is mentioned. Here though, notice that the prompt does NOT refer to annual interest rates at any point; it just mentions 3 separate interest payments that occur at specific points in time. In this set-up, we have to take the interest percentages as-is (and not multiply by any fraction) because the prompt did not use any explicit language to describe it otherwise.
GMAT assassins aren't born, they're made,
Rich
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