GMAT Question of the Day - Daily to your Mailbox; hard ones only

It is currently 15 Dec 2018, 19:39

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel
Events & Promotions in December
PrevNext
SuMoTuWeThFrSa
2526272829301
2345678
9101112131415
16171819202122
23242526272829
303112345
Open Detailed Calendar
  • $450 Tuition Credit & Official CAT Packs FREE

     December 15, 2018

     December 15, 2018

     10:00 PM PST

     11:00 PM PST

    Get the complete Official GMAT Exam Pack collection worth $100 with the 3 Month Pack ($299)
  • FREE Quant Workshop by e-GMAT!

     December 16, 2018

     December 16, 2018

     07:00 AM PST

     09:00 AM PST

    Get personalized insights on how to achieve your Target Quant Score.

The annual interest rate earned by an investment increased by 10 perce

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 51218
The annual interest rate earned by an investment increased by 10 perce  [#permalink]

Show Tags

New post 03 Jul 2016, 10:36
11
00:00
A
B
C
D
E

Difficulty:

  5% (low)

Question Stats:

80% (01:01) correct 20% (01:29) wrong based on 401 sessions

HideShow timer Statistics

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 11 percent, what was the annual interest rate last year?

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

_________________

New to the Math Forum?
Please read this: Ultimate GMAT Quantitative Megathread | All You Need for Quant | PLEASE READ AND FOLLOW: 12 Rules for Posting!!!

Resources:
GMAT Math Book | Triangles | Polygons | Coordinate Geometry | Factorials | Circles | Number Theory | Remainders; 8. Overlapping Sets | PDF of Math Book; 10. Remainders | GMAT Prep Software Analysis | SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) | Tricky questions from previous years.

Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
Extra-hard Quant Tests with Brilliant Analytics

Senior Manager
Senior Manager
avatar
Joined: 02 Mar 2012
Posts: 310
Schools: Schulich '16
Re: The annual interest rate earned by an investment increased by 10 perce  [#permalink]

Show Tags

New post 03 Jul 2016, 22:59
should be 10

increased it by 10 % will be =10+1=11
Manager
Manager
User avatar
B
Joined: 17 Nov 2014
Posts: 51
Location: India
Re: The annual interest rate earned by an investment increased by 10 perce  [#permalink]

Show Tags

New post 10 Jul 2016, 16:27
Let us suppose the interest rate last year is X, This year the interest rate is increased by 10%. Hence this year interest rate would be 1.1*X.
Setting up the equation -----> 11=1.1*x
X=10%

Option D
Manager
Manager
User avatar
S
Status: On a 600-long battle
Joined: 21 Apr 2016
Posts: 138
Location: Hungary
Concentration: Accounting, Leadership
Schools: Erasmus '19
GMAT 1: 410 Q18 V27
GMAT 2: 490 Q35 V23
GMAT ToolKit User
Re: The annual interest rate earned by an investment increased by 10 perce  [#permalink]

Show Tags

New post 14 Apr 2017, 04:11
4
I had to read the question stem 4 times to make sense of what the question was asking. Very confusing, but here it goes my approach.

Say you're not able to quickly set up your work as our friends did above, just do a word by word translation.

Call '\(x\)' the interest rate last year

Some value x increased by 10% last year and the result is a rate of 11%.

\(\cfrac { 110 }{ 100 } (x)=11\\ x=\cfrac { 11\ast 100 }{ 110 } \\ x=10\)
_________________

"When the going gets tough, the tough gets going!"

|Welcoming tips/suggestions/advices (you name it) to help me achieve a 600|

Director
Director
User avatar
D
Joined: 04 Dec 2015
Posts: 731
Location: India
Concentration: Technology, Strategy
Schools: ISB '19, IIMA , IIMB, XLRI
WE: Information Technology (Consulting)
GMAT ToolKit User
The annual interest rate earned by an investment increased by 10 perce  [#permalink]

Show Tags

New post 17 May 2017, 14:40
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 11 percent, what was the annual interest rate last year?

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

Let annual interest rate last year be = x%
Annual interest rate increased by 10% from last year to this year = 110% of x = 1.1x%
Interest rate this year = 11% = 1.1x %
\(\frac{1.1x}{100}\) = \(\frac{11}{100}\)
x = \(\frac{11}{1.1}\) = 10%
Answer D...

_________________
Kindly press "+1 Kudos" to appreciate :)
Target Test Prep Representative
User avatar
P
Status: Founder & CEO
Affiliations: Target Test Prep
Joined: 14 Oct 2015
Posts: 4295
Location: United States (CA)
Re: The annual interest rate earned by an investment increased by 10 perce  [#permalink]

Show Tags

New post 22 May 2017, 17:42
Bunuel 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 11 percent, what was the annual interest rate last year?

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


We can create the following equation in which x = the interest rate last year:

1.1x = 0.11

x = 0.11/1.1 = 11/110 = 1/10 = 0.1 = 10%

Answer: D
_________________

Scott Woodbury-Stewart
Founder and CEO

GMAT Quant Self-Study Course
500+ lessons 3000+ practice problems 800+ HD solutions

Non-Human User
User avatar
Joined: 09 Sep 2013
Posts: 9172
Premium Member
Re: The annual interest rate earned by an investment increased by 10 perce  [#permalink]

Show Tags

New post 04 Jul 2018, 02:24
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
_________________

GMAT Books | GMAT Club Tests | Best Prices on GMAT Courses | GMAT Mobile App | Math Resources | Verbal Resources

GMAT Club Bot
Re: The annual interest rate earned by an investment increased by 10 perce &nbs [#permalink] 04 Jul 2018, 02:24
Display posts from previous: Sort by

The annual interest rate earned by an investment increased by 10 perce

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  


Copyright

GMAT Club MBA Forum Home| About| Terms and Conditions and Privacy Policy| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.