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19 Jan 2022, 08:30
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A
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Some amount of money is invested in an account at ‘r’ percent compound interest rate, the amount of investment will double in 70/r years. If the amount gets 4 times in "n" years, is n < 10?
(1) r < 14%
(2) r > 12%
(1) r < 14%
(2) r > 12%
20 Jan 2022, 08:12
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Bunuel
Breaking Down the Info:
"the amount of investment will double in 70/r years" is not true; the rule of 70 is only a good approximate for small r's, so I don't think this is an appropriate question. We can pretend this is true, regardless, to answer this question.
Our goal is to ask how many years it takes to get 4 times the amount, which is double of a double. Then that will take \(n = \frac{140}{r}\) years using the rule of 70.
Statement 1 Alone:
This gives us \(n = \frac{140}{<14} = (n > 10)\). Thus n is at least 10 and cannot be less than 10. Statement 1 alone is sufficient.
Statement 2 Alone:
Thus gives us \(n = \frac{140}{>12} \approx (n <12)\). We cannot confirm if n is less than 10, so statement 2 alone is insufficient.
Answer: A
26 Jan 2023, 07:22
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