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Two years ago, Sam put $1,000 into a savings account.

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Two years ago, Sam put $1,000 into a savings account. [#permalink]

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Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued $100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. At the end of the two years, by what percent has Sam's account balance increased from his initial deposit of $1,000 ?

A. 19%
B. 20%
C. 21%
D. 22%
E. 25%
[Reveal] Spoiler: OA

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Last edited by Rock750 on 28 Jan 2013, 09:14, edited 1 time in total.

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Re: Two years ago, Sam put $1,000 into a savings account. [#permalink]

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Rock750 wrote:
Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued $100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. At the end of the two years, by what percent has Sam's account balance increased from his initial deposit of $1,000 ?

A- 19%
B- 20%
C- 21%
D- 22%
E- 25%

Explanations would be appreciated


investment 1000 dollars
1 st year total gained = 100
total amount end of first year = 1100
second year account increased by 10 % = 1100*0.1 = 110
therefore total amount by second year end = 1210

so total percentage increase in money = (1210-1000)*100/1000 = 21 %
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Re: Two years ago, Sam put $1,000 into a savings account. [#permalink]

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New post 29 Nov 2013, 04:06
%-change = change in value / original value

original value here: 1000 $

change value: we need to calculate the account after year 2. we take our 1100 $ after 1 year and calculate 10 % which is 110 $. we get 1210 $ after 2 years. hence there was a change in value of 210 $.

plug into formula : 210 $ / 1000 $ = 21 / 100 =21 %

Thus C.

Hope it helps.

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Re: Two years ago, Sam put $1,000 into a savings account. [#permalink]

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New post 26 Mar 2016, 17:08
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Re: Two years ago, Sam put $1,000 into a savings account. [#permalink]

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New post 19 Jul 2017, 08:39
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).

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Two years ago, Sam put $1,000 into a savings account. [#permalink]

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New post 19 Jul 2017, 14:34
Rock750 wrote:
Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued $100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. At the end of the two years, by what percent has Sam's account balance increased from his initial deposit of $1,000 ?

A. 19%
B. 20%
C. 21%
D. 22%
E. 25%

Year 1 interest: $100
Year 2 interest, 10% of 1,100 = $110

Total interest = 100 + 110 = $210 (which equals the change in value)

\(\frac{change}{original}\) x 100 = percent change

\(\frac{210}{1000}\) = .21 x 100 = 21%

Answer C

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Two years ago, Sam put $1,000 into a savings account.   [#permalink] 19 Jul 2017, 14:34
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