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10 Apr 2020, 05:28
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C
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Difficulty:
55%
(hard)
Question Stats:
61% (01:46) correct
39%
(01:44)
wrong
based on 381
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Mr. Daniels deposits $10,000 in a savings certificate earning p percent annual interest compounded quarterly. What is the value of p?
(1) During the term of the certificate, he earns $18 more than he would if the interest were not compounded.
(2) He withdraws all the money six months after depositing it
Are You Up For the Challenge: 700 Level Questions
(1) During the term of the certificate, he earns $18 more than he would if the interest were not compounded.
(2) He withdraws all the money six months after depositing it
Are You Up For the Challenge: 700 Level Questions
10 Apr 2020, 05:32
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Bunuel
Question: p = ?
Statement 1: During the term of the certificate, he earns $18 more than he would if the interest were not compounded.
Term of deposit is unknown hence
NOT SUFFICIENT
Statement 2: He withdraws all the money six months after depositing it
no information about the interest earned hence
NOT SUFFICIENT
Combining the statements
i.e. \(\frac{10000*p*(0.5)}{100} + 18 = 10000*[1+ \frac{(0.25*p)}{100}]^2\)
Only one unknown hence
SUFFICIENT
Answer: Option C
10 Apr 2020, 05:36
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1. No time is given hence NS
2. No interest given hence NS
1&2 we have rate and time. We can calculate first SI and then CI
Hence sufficient
Posted from my mobile device
2. No interest given hence NS
1&2 we have rate and time. We can calculate first SI and then CI
Hence sufficient
Posted from my mobile device
so help would be appreciated!
