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# Kevin deposited x hundred dollars in a bank that pays Y percent annual

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Retired Moderator
Joined: 29 Apr 2015
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Location: Switzerland
Concentration: Economics, Finance
Schools: LBS MIF '19
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Kevin deposited x hundred dollars in a bank that pays Y percent annual  [#permalink]

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24 May 2015, 05:30
2
6
00:00

Difficulty:

25% (medium)

Question Stats:

71% (01:32) correct 29% (01:45) wrong based on 135 sessions

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Kevin deposited x hundred dollars in a bank that pays Y percent annual interest, where Y is a single-digit positive integer, compounded semi-annually. How much money will Kevin have in his account after one year?

A. $$100x*[1+\frac{(0.0Y)}{2}]^2$$
B. $$x*[1+Y]^2$$
C. $$2*[x+0.Y]^2$$
D. $$x*[1+0.Y]^2$$
E. $$x*[1+0.0Y]^2$$

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Re: Kevin deposited x hundred dollars in a bank that pays Y percent annual  [#permalink]

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24 May 2015, 07:52
1
If you compound twice a year, you need to divide your annual interest rate by 2, and knowing that one thing alone lets you see that A is the right answer here.

But the math in this question is not proper math. The question tells us that Y represents some unknown value. They then write "0.0Y" in the answer choices, where we're meant to assume Y instead represents an unknown digit. It would be perfectly reasonable (correct, in fact) to assume 0.0Y means a product of 0.0 and Y. I say that interpretation is correct because if you read a question that says "k is a single digit integer between 0 and 9, and 2k > 17", then k absolutely does not represent an unknown units digit in the number '2k'. It represents an unknown value- the inequality tells us that 2 times k is greater than 17.
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Re: Kevin deposited x hundred dollars in a bank that pays Y percent annual  [#permalink]

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22 Aug 2015, 13:49
Only A deals with X 100 hundred dollars
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Re: Kevin deposited x hundred dollars in a bank that pays Y percent annual  [#permalink]

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11 Oct 2015, 07:11
anilisanil wrote:
Only A deals with X 100 hundred dollars

Don't think this is a GMAT type question. The answer is just the representation of compounded interest formulae, where we need to add inputs given in the question stem.

Thanks,
Chanakya
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Re: Kevin deposited x hundred dollars in a bank that pays Y percent annual  [#permalink]

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18 Sep 2017, 09:58
For semi annually the time doubles and rate becomes half.
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Re: Kevin deposited x hundred dollars in a bank that pays Y percent annual  [#permalink]

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06 Feb 2019, 13:16
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Re: Kevin deposited x hundred dollars in a bank that pays Y percent annual   [#permalink] 06 Feb 2019, 13:16
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