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

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Manager
Manager
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S
Joined: 15 Dec 2015
Posts: 112

Kudos [?]: 116 [0], given: 71

GMAT 1: 660 Q46 V35
GPA: 4
WE: Information Technology (Computer Software)
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:

  55% (hard)

Question Stats:

44% (01:31) correct 56% (01:19) wrong based on 16 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
[Reveal] Spoiler: OA

Kudos [?]: 116 [0], given: 71

Manager
Manager
User avatar
S
Joined: 15 Dec 2015
Posts: 112

Kudos [?]: 116 [0], given: 71

GMAT 1: 660 Q46 V35
GPA: 4
WE: Information Technology (Computer Software)
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

Kudos [?]: 116 [0], given: 71

Re: Torres invested $P in a long term investment plan for 24 years at an i   [#permalink] 01 Aug 2017, 00:48
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Torres invested $P in a long term investment plan for 24 years at an i

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