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19 Jan 2013, 08:05
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Difficulty:

5% (low)

Question Stats:

93% (00:37) correct 7% (00:48) wrong based on 238 sessions

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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.

Kudos [?]: 398 [1], given: 85

Intern
Joined: 16 Nov 2012
Posts: 38

Kudos [?]: 33 [4], given: 54

Location: United States
Concentration: Operations, Social Entrepreneurship
Schools: ISB '15, NUS '16
GMAT Date: 08-27-2013
GPA: 3.46
WE: Project Management (Other)

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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. Kudos [?]: 44 [0], given: 19 GMAT Club Legend Joined: 09 Sep 2013 Posts: 16587 Kudos [?]: 273 [0], given: 0 Re: Two years ago, Sam put$1,000 into a savings account. [#permalink]

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26 Mar 2016, 17:08
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Kudos [?]: 273 [0], given: 0

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Joined: 09 Sep 2013
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Kudos [?]: 273 [0], given: 0

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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 Kudos [?]: 266 [0], given: 553 Two years ago, Sam put$1,000 into a savings account.   [#permalink] 19 Jul 2017, 14:34
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# Two years ago, Sam put \$1,000 into a savings account.

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