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The annual interest rate earned by an investment increased

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Manager
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The annual interest rate earned by an investment increased by 10 perce  [#permalink]

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New post 28 Jan 2007, 07:44
1
3
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A
B
C
D
E

Difficulty:

  55% (hard)

Question Stats:

53% (01:15) correct 47% (00:57) wrong based on 275 sessions

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The annual interest rate earned by an investment increased by 10 percent from last year to this year. If the annual interest rate earned by the investment this year was 1 percent, what was the annual interest rate last year?

A. 1%
B. 1.1%
C. 9.1%
D. 10%
E. 10.8%

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Re: The annual interest rate earned by an investment increased by 10 perce  [#permalink]

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New post 02 Feb 2007, 04:09
Quote:
The annual interest rate earned by an investment increased by 10
percent from last year to this year. If the annual interest rate earned by the investment this year was 1 percent, what was the annual interest rate last year?

A. 1%
B. 1.1%
C. 9.1%
D. 10%
E. 10.8%

I keep getting 90%. What am I doing wrong?
X/100(1.10) = 1.10X/100, X = .9
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Re: The annual interest rate earned by an investment increased by 10 perce  [#permalink]

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New post 02 Feb 2007, 14:03
1
2
let i = interest rate

i(this year) = i(last year) + 0.10i(last year) = 1.1i(last year)

1 = 1.1 x i(last year)

i(last year) = 1/1.1 = 10/11 = 0.90909...

or i(last year) = 0.91%

I guess you typed the question wrong. If the interest this year was 10% instead of 1%, the answer would be 9.1%

And I would choose C. as the answer. :)
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Re: pl explain  [#permalink]

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New post 23 Jan 2010, 01:38
1
2
vaivish1723 wrote:
The annual interest rate earned by an investment increased by 10 percent from last
year to this year. If the annual interest rate earned by the investment this year was 1
percent, what was the annual interest rate last year?
A. 1% B. 1.1% C. 9.1% D. 10% E. 10.8%




OA is


x*1.1=1, where x is the rate of last year --> x=~0.91. Either stem should state that "annual interest rate earned by the investment this year was 10 percent" OR choice C (credited as OA) should be 0.91% instead of 9.1%.
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Re: pl explain  [#permalink]

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New post 12 Feb 2010, 20:15
If this year is 1%, then clearly, last year is less than 1%.

I(1.1)=1%
=>I=1/1.1=0.909%
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Re: pl explain  [#permalink]

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New post 01 Dec 2012, 23:38
1
x + .10x = 1
1.1x = 1
x = 1/1.1
x = 10/11
x = .909

Answer: 0.91%
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Re: The annual interest rate earned by an investment increased  [#permalink]

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New post 12 Oct 2018, 01:06
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Re: The annual interest rate earned by an investment increased   [#permalink] 12 Oct 2018, 01:06
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