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27 Jun 2022, 13:15
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D
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
45%
(medium)
Question Stats:
70% (02:07) correct
30%
(02:31)
wrong
based on 191
sessions
History
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Not Attempted Yet
Mary deposited sum of x dollars into an account that earned 4% annual interest compounded annually. One year later she deposited additional x dollars in the account. Consider that there were no other transactions and if the account showed y dollars at the end of the two years, which of the following expresses x in terms of y?
(A) \(\frac{y}{2.04}\)
(B) \(\frac{y}{1.12}\)
(C) \(\frac{y}{2.2}\)
(D) \(\frac{y}{1.04 × 2.04}\)
(E) \(\frac{y}{(1.04)^2 × 2.04}\)
(A) \(\frac{y}{2.04}\)
(B) \(\frac{y}{1.12}\)
(C) \(\frac{y}{2.2}\)
(D) \(\frac{y}{1.04 × 2.04}\)
(E) \(\frac{y}{(1.04)^2 × 2.04}\)
27 Jun 2022, 14:23
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This question is almost the same question #155 in the official guide 2022.
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E1D482DC-9573-4B3A-8997-B3233B65AF44.jpeg [ 436.01 KiB | Viewed 2687 times ]
28 Jun 2022, 03:00
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Here, after 2nd year x dollar become= x* (1+4/100)^2= x * 1.04^2
after 1st year, x dollar deposited will accumulate= x * (1+4/100)=x+1.04
Given that, x * 1.04^2 +x * 1.04= Y
=>x* (1.04^2+1.04)=Y
=>x= Y/(1.04^2+1.04) (ANS)
after 1st year, x dollar deposited will accumulate= x * (1+4/100)=x+1.04
Given that, x * 1.04^2 +x * 1.04= Y
=>x* (1.04^2+1.04)=Y
=>x= Y/(1.04^2+1.04) (ANS)
