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Starting in 1991, the budget deficit of a certain country was expected

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Starting in 1991, the budget deficit of a certain country was expected [#permalink]

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New post 12 Mar 2017, 11:06
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Question Stats:

85% (00:53) correct 15% (00:59) wrong based on 44 sessions

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Starting in 1991, the budget deficit of a certain country was expected to double every year for the next 10 years. At that rate of increase, what will the deficit be at the end of the 10-year period?

(1) The budget deficit of the country in 1991 was $300,000.

(2) The projected increase in the deficit from 1994 to 1995 is $2,400,000.

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Re: Starting in 1991, the budget deficit of a certain country was expected [#permalink]

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New post 12 Mar 2017, 19:33
HKD1710 wrote:
Starting in 1991, the budget deficit of a certain country was expected to double every year for the next 10 years. At that rate of increase, what will the deficit be at the end of the 10-year period?

(1) The budget deficit of the country in 1991 was $300,000.

(2) The projected increase in the deficit from 1994 to 1995 is $2,400,000.



Although there are many a methods for solving above

My take...
C=P(1+r/100)^t--(a)
Rate =100% (since the deficit doubles /year)
t=10yrs


(1) P=300000
we can calculate C from (a)
thus deficit= C+P
suff..

(2) P in 1994 = 2400000
thus P (1993)= 1200000(since amount/deficit doubles in preceding year)
P(1992) =600000
P(1991)=300000------(same info as in option 1)

suff

Ans D
Re: Starting in 1991, the budget deficit of a certain country was expected   [#permalink] 12 Mar 2017, 19:33
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Starting in 1991, the budget deficit of a certain country was expected

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