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20 Jan 2017, 07:08
Kudos
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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:
5%
(low)
Question Stats:
88% (00:48) correct
12%
(01:06)
wrong
based on 503
sessions
History
Date
Time
Result
Not Attempted Yet
Pat invested x dollars in a fund that paid 8 percent annual interest, compounded annually. Which of the following represents the value, in dollars, of Pat's investment plus interest at the end of 5 years&
A. \(5(0.08x)\)
B. \(5(1.08x)\)
C. \((1+5(0.08))x\)
D. \((1.08)^5 *x\)
E. \((1.08x)^5\)
A. \(5(0.08x)\)
B. \(5(1.08x)\)
C. \((1+5(0.08))x\)
D. \((1.08)^5 *x\)
E. \((1.08x)^5\)
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20 Jan 2017, 08:46
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Bunuel
\(Amount = Principal ( 1 + \frac{Rate}{100})^{No \ of \ Years}\)
\(Amount = x ( 1 + \frac{8}{100})^5\)
\(Amount = x ( 1.08)^5\)
Hence, correct answer will be (D) \(x ( 1.08)^5\)
11 Mar 2018, 13:12
Kudos
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Is that the formula for simple interest?
I'm familiar with the compound interest formula, but never use this formula when the answer choices is an integer... usually, I just repeatedly multiply out... this question is an exception...
I'm familiar with the compound interest formula, but never use this formula when the answer choices is an integer... usually, I just repeatedly multiply out... this question is an exception...
