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The annual interest rate on a certain savings account increases from

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The annual interest rate on a certain savings account increases from  [#permalink]

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New post 30 Oct 2018, 03:13
00:00
A
B
C
D
E

Difficulty:

  25% (medium)

Question Stats:

68% (00:56) correct 32% (01:25) wrong based on 83 sessions

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Re: The annual interest rate on a certain savings account increases from  [#permalink]

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New post 30 Oct 2018, 13:42
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Top Contributor
Bunuel wrote:
The annual interest rate on a certain savings account increases from 1.25% to 1.5%. What percent increase in the annual interest rate does this change represent?

A. 0.2%
B. 0.25%
C. 0.167%
D. 20%
E. 25%


Percent change = (100)(new - old)/old
= (100)(1.5 - 1.25)/1.25
= (100)(0.25)/1.25
= 25/1.25

NOTE: at this point, we can use some long division, OR we can use some number sense.
We know that 25/1 = 25
Since 1.25 is a bit bigger than 1, we know that 25/1.25 will be a little bit less than 25

Answer: D

Cheers,
Brent
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Re: The annual interest rate on a certain savings account increases from   [#permalink] 30 Oct 2018, 13:42
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