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# Maria deposits $10,000 in a bank. What is the annual  post reply Question banks Downloads My Bookmarks Reviews Important topics Author Message CEO Joined: 15 Aug 2003 Posts: 3454 Followers: 67 Kudos [?]: 874 [0], given: 781 Maria deposits$10,000 in a bank. What is the annual [#permalink]

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24 Aug 2003, 23:34
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Maria deposits $10,000 in a bank. What is the annual interest which the bank will pay to Maria? (1) The interest must be paid once every six months. (2) The rate of interest is 4%. I will only say...Dont guess the obvious ! Thanks Praetorian Intern Joined: 20 Aug 2003 Posts: 36 Location: USA Followers: 0 Kudos [?]: 0 [0], given: 0 ### Show Tags 25 Aug 2003, 03:04 Is the answer E???? since we don't know whether it's simple or compound interest Manager Joined: 25 Jun 2003 Posts: 93 Followers: 1 Kudos [?]: 0 [0], given: 0 ### Show Tags 25 Aug 2003, 06:19 Another vote for E .. we know interest rate is 4% but we don't know if it is annual rate or monthly rate 6-mos rate .. _________________ Brainless CEO Joined: 15 Aug 2003 Posts: 3454 Followers: 67 Kudos [?]: 874 [0], given: 781 ### Show Tags 25 Aug 2003, 17:32 Brainless wrote: Another vote for E .. we know interest rate is 4% but we don't know if it is annual rate or monthly rate 6-mos rate .. Just to be sure...If the interest is to be paid every six months, dont you think the interest is compounded semi-annually? Your Bank will add interest to your account every six months ! I know we cant assume, pitch in with your opinions. Thanks Praetorian Manager Joined: 25 Jun 2003 Posts: 93 Followers: 1 Kudos [?]: 0 [0], given: 0 ### Show Tags 25 Aug 2003, 17:51 praetorian123 wrote: Brainless wrote: Another vote for E .. we know interest rate is 4% but we don't know if it is annual rate or monthly rate 6-mos rate .. Just to be sure...If the interest is to be paid every six months, dont you think the interest is compounded semi-annually? Your Bank will add interest to your account every six months ! I know we cant assume, pitch in with your opinions. Thanks Praetorian Oops !! I did it again .. My bad .. I would say 'C' now .. _________________ Brainless Intern Joined: 20 Aug 2003 Posts: 36 Location: USA Followers: 0 Kudos [?]: 0 [0], given: 0 ### Show Tags 26 Aug 2003, 07:41 But will the bank add interest on the original amount or the amount after it's added the interest for six months? Do we know that? CEO Joined: 15 Aug 2003 Posts: 3454 Followers: 67 Kudos [?]: 874 [0], given: 781 ### Show Tags 26 Aug 2003, 18:00 hey do we have a definite answer here.. can Akamai help thanks praetorian Manager Joined: 28 Feb 2003 Posts: 147 Location: Kiev Followers: 1 Kudos [?]: 9 [0], given: 0 ### Show Tags 27 Aug 2003, 00:27 I think we have all the information to answer the question and the right choice is (C) (1) says that "The interest must be paid once every six months" To my mind "must be paid" indicates that the money are paid to Maria directly and not accrued on her account. So, we have simple interest and can answer the question. _________________ Too much is not enough... Manager Joined: 10 Jun 2003 Posts: 210 Location: Maryland Followers: 2 Kudos [?]: 7 [1] , given: 0 ### Show Tags 27 Aug 2003, 07:50 1 This post received KUDOS Way too many assumptions, we could argue underlying meanings all day. This question is out. _________________ Sept 3rd 27 Aug 2003, 07:50 Display posts from previous: Sort by # Maria deposits$10,000 in a bank. What is the annual

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