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21 Mar 2017, 18:11
Kudos
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Please help me answer this.
On jan 1 X deposited $2000 into an interest bearing checking account. If he made no withdrawals, what was the total amount X had in the checking account on Dec 31 of the same year.
1) X deposited an additional $4000 throughout the year
2) the checking account earned 7% simple interest.
Sent from my SM-G610F using GMAT Club Forum mobile app
On jan 1 X deposited $2000 into an interest bearing checking account. If he made no withdrawals, what was the total amount X had in the checking account on Dec 31 of the same year.
1) X deposited an additional $4000 throughout the year
2) the checking account earned 7% simple interest.
Sent from my SM-G610F using GMAT Club Forum mobile app
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21 Mar 2017, 19:16
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Sherlock221b
Please help me answer this.
On jan 1 X deposited $2000 into an interest bearing checking account. If he made no withdrawals, what was the total amount X had in the checking account on Dec 31 of the same year.
1) X deposited an additional $4000 throughout the year
2) the checking account earned 7% simple interest.
Sent from my SM-G610F using GMAT Club Forum mobile app
On jan 1 X deposited $2000 into an interest bearing checking account. If he made no withdrawals, what was the total amount X had in the checking account on Dec 31 of the same year.
1) X deposited an additional $4000 throughout the year
2) the checking account earned 7% simple interest.
Sent from my SM-G610F using GMAT Club Forum mobile app
Answer must be E
Since there is no info on the total extra investment he done over what period of time
Sherlock221b
Please tag the question & provide OA...
21 Mar 2017, 19:22
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Sherlock221b
Please help me answer this.
On jan 1 X deposited $2000 into an interest bearing checking account. If he made no withdrawals, what was the total amount X had in the checking account on Dec 31 of the same year.
1) X deposited an additional $4000 throughout the year
2) the checking account earned 7% simple interest.
Sent from my SM-G610F using GMAT Club Forum mobile app
On jan 1 X deposited $2000 into an interest bearing checking account. If he made no withdrawals, what was the total amount X had in the checking account on Dec 31 of the same year.
1) X deposited an additional $4000 throughout the year
2) the checking account earned 7% simple interest.
Sent from my SM-G610F using GMAT Club Forum mobile app
Please follow the rule before posting
https://gmatclub.com/forum/rules-for-po ... l#p1092822
About your question.
(1) Don't care how much X deposited any additional money, if we dont have interest rate, then we can't calculate the total money X had at the end of that year. Insufficient.
(2) This is simple. The total money = Deposited money + Interest money.
With an assumption that X didn't deposited any additional money at that year.
Deposited money = $2,000
Interest money = $2,000 * 7% = $140
Hence, the total money = $2,000 + $140 = $2,140. Sufficient.
The answer is B.
