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26 Nov 2024, 01:30
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C
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
55%
(hard)
Question Stats:
66% (02:14) correct
34%
(02:31)
wrong
based on 239
sessions
History
Date
Time
Result
Not Attempted Yet
Ron deposits $400 in savings account which gives compound interest semi-annually at the rate of 8% p.a. Approximately, how much interest does he receive in 2 years?
(A) $60
(B) $64
(C) $68
(D) $72
(E) $76
(A) $60
(B) $64
(C) $68
(D) $72
(E) $76
akwenok
Joined: 28 May 2024
Last visit: 11 Oct 2025
Posts: 23
Given Kudos: 80
Location: France
Concentration: Finance, Finance
Schools: Stanford '27 (S) HBS '27 (D)
GPA: 3.8
WE:Analyst (Finance: Private Equity)
26 Nov 2024, 03:35
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Deposits $400 for semi-annual compounding at 8% p.a. for 2 years.
(1) semi-annual rate is 4%, twice a year
(2) two years, meaning 4 compounds
Initial: $400
First compound: $400 + $16 = $416 ($16 = $400 * 4%)
Second compound: $416 + $16.6 = 432.6 ($16.6 = $416 * 4% = 16.64 ~ 16.6)
Third compound: $432.6 + $17.3 ~ 450
Fourth compound: $450 + $18 = 468
$468 - $400 = $68 (C)
(1) semi-annual rate is 4%, twice a year
(2) two years, meaning 4 compounds
Initial: $400
First compound: $400 + $16 = $416 ($16 = $400 * 4%)
Second compound: $416 + $16.6 = 432.6 ($16.6 = $416 * 4% = 16.64 ~ 16.6)
Third compound: $432.6 + $17.3 ~ 450
Fourth compound: $450 + $18 = 468
$468 - $400 = $68 (C)
General Discussion
28 Nov 2024, 01:13
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4% Interest 4 time
After half year interest = 16
After 1 yesr Interest = 16 + .64
After 1.5 year = 16+ 4% of( 32) = 16 + 1.28
After 2 year = 16 + 4% of ( 16x3) = 16 + 2.24
Total interest = 4(16) +4 apprx
64 + 4 = 68
After half year interest = 16
After 1 yesr Interest = 16 + .64
After 1.5 year = 16+ 4% of( 32) = 16 + 1.28
After 2 year = 16 + 4% of ( 16x3) = 16 + 2.24
Total interest = 4(16) +4 apprx
64 + 4 = 68
26 Sep 2026, 11:32
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