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Three hundred dollars were deposited in an account at Bank X and left

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Three hundred dollars were deposited in an account at Bank X and left [#permalink]

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New post 26 Apr 2017, 07:20
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Three hundred dollars were deposited in an account at Bank X and left to gain interest. How much money is currently in the account?

(1) The account earns 4% simple annual interest.
(2) The account was opened three years ago today.
[Reveal] Spoiler: OA

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Re: Three hundred dollars were deposited in an account at Bank X and left [#permalink]

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New post 26 Apr 2017, 10:34
Bunuel wrote:
Three hundred dollars were deposited in an account at Bank X and left to gain interest. How much money is currently in the account?

(1) The account earns 4% simple annual interest.
(2) The account was opened three years ago today.



(1) no info of duration ,amount gained interest
insuff

(2) rate is unknown
insuff

combining ,as R & T is known
SI = 300*4*3/100= 36
current account = 300+36
=336
suff

Ans C
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Re: Three hundred dollars were deposited in an account at Bank X and left [#permalink]

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New post 27 Apr 2017, 12:59
You all should remember in this case, you need to know the Principal, Rate and Time
1 is insufficient because we do not know the time.
2 is insufficient because we do not know the rate
1 & 2 combined is sufficient to calculcate how much money is in bank X.

I = P x R x T

Answer is C
Re: Three hundred dollars were deposited in an account at Bank X and left   [#permalink] 27 Apr 2017, 12:59
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