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Torres invested $P in a long term investment plan for 24 years at an i

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Torres invested $P in a long term investment plan for 24 years at an i  [#permalink]

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New post 01 Aug 2017, 00:43
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Difficulty:

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Question Stats:

47% (01:16) correct 53% (01:20) wrong based on 45 sessions

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Torres invested $P in a long term investment plan for 24 years at an interest compound annually. But due to some financial issues he had to withdraw money at the end of 6 years.How much more amount could he have gotten after 24 years if he received $3P after 6 years , if it's known that there were no pre-closing charges or deductions in the plan?

A. 9P
B. 12P
C. 72P
D. 78P
E. 81P
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Posts: 120
GMAT 1: 660 Q46 V35
GPA: 4
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Re: Torres invested $P in a long term investment plan for 24 years at an i  [#permalink]

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New post 01 Aug 2017, 00:48
DH99 wrote:
Torres invested $P in a long term investment plan for 24 years at an interest compound annually. But due to some financial issues he had to withdraw money at the end of 6 years.How much more amount could he have gotten after 24 years if he received $3P after 6 years , if it's known that there were no pre-closing charges or deductions in the plan?

A. 9P
B. 12P
C. 72P
D. 78P
E. 81P


Solution:
P is the term initially invested. Torres gets 3P after 6 years.We need to find what more amount could he have gotten after 24 years.
Let’s arrange the data:
Amount Time
? 24
P 0
3P 6
3P*3 12
3P*3*3 18
3P*3*3*3 24
= 81P
Therefore, more amount Toress would have got= 81P-3P=78P
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A man invested $P in a long term investment plan for 24 years at an in  [#permalink]

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New post 22 May 2018, 18:30
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A man invested $P in a long term investment plan for 24 years at an interest compounded annually. Due to some financial crisis, he had to withdraw money at the end of 6 years. How much more amount could he have gotten after 24 years if he received $3P after 6 years. It is known that there were no other charges or deductions in the plan.

A. 9P

B. 24P

C. 72P

D. 78P

E. 81P
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Re: A man invested $P in a long term investment plan for 24 years at an in  [#permalink]

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New post 22 May 2018, 18:46
Option D

6y: P > 3P
12y: 3P > 9P
18y: 9P >27P
24y: 27P > 81P

81P - 3P = 78P
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Posts: 47222
Re: Torres invested $P in a long term investment plan for 24 years at an i  [#permalink]

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New post 22 May 2018, 21:47
GMATSkilled wrote:
A man invested $P in a long term investment plan for 24 years at an interest compounded annually. Due to some financial crisis, he had to withdraw money at the end of 6 years. How much more amount could he have gotten after 24 years if he received $3P after 6 years. It is known that there were no other charges or deductions in the plan.

A. 9P

B. 24P

C. 72P

D. 78P

E. 81P


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Re: Torres invested $P in a long term investment plan for 24 years at an i &nbs [#permalink] 22 May 2018, 21:47
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