Mr. Jones deposited $50 in a savings bank at the beginning of the year

Question

Mr. Jones deposited $50 in a savings bank at the beginning of the year. Mr. Jones's money earns him interest at the rate of 8 percent of the amount deposited, for each year that Mr. Jones leaves his money in the bank. If Mr. Jones leaves his $50 in the bank for exactly one year and then decides to withdraw all of his money, how much money (including interest) can he withdraw? (The interest is not compounded.)

P = Principle deposited : 50 $
T = Time Period : 1 Year
R = Rate : 8 % on Principle per year

Interest not compounded so using simple interest.
$P + \frac{PRT}{100} = Amount + Interest$

$50 + \frac{50*8*1}{100} = 54$

Hence IMO C

(A) $50.04

(B) $50.08

(C) $54.00

(D) $54.08

(E) $58.00

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walterwhite756 · Answer

Final amount = 50 (1+8/100) = 54.

C is the answer.

IshanSaini · Answer

Mr. Jones deposited $50 in a savings bank at the beginning of the year. Mr. Jones's money earns him interest at the rate of 8 percent of the amount deposited, for each year that Mr. Jones leaves his money in the bank. If Mr. Jones leaves his $50 in the bank for exactly one year and then decides to withdraw all of his money, how much money (including interest) can he withdraw? (The interest is not compounded.)

P = Principle deposited : 50 $
T = Time Period : 1 Year
R = Rate : 8 % on Principle per year

Interest not compounded so using simple interest.
$P + \frac{PRT}{100} = Amount + Interest$

$50 + \frac{50*8*1}{100} = 54$

Hence IMO C

P = Principle deposited : 50 $
T = Time Period : 1 Year
R = Rate : 8 % on Principle per year

Interest not compounded so using simple interest.
 P + \frac{PRT}{100} = Amount + Interest

50 + \frac{50*8*1}{100} = 54

Hence IMO C

Archit3110 · Answer

amount deposited is $50 and interest is 8%
50 * 1.08 ; $54 is what Mr Jones will get after 1 year
p*r*t
option C

fdfd97 · Answer

Interest rate is 8%, so 8% of 50 i.e. the interest amounts to $4, so total withdrawals = P + I = 50+4 = $54- Option C

8.toastcrunch · Answer

If Mr. Jones's money earns him interest at the rate of 8 percent per year, we can calculate the interest earned by multiplying the initial amount by 8 percent (0.08):

Interest = $50 * 0.08 = $4

Therefore, Mr. Jones's total amount after one year, including the interest earned, is:
Total amount = $50 + $4 = $54

The correct option is (C) $54.00

reighlyschultz · Answer

Take the total value at the start at  50.00 . The interest rate is  8%  for a full year. It does not compound.

Take  50 * .08 = 4.00 Then add that  4.00  to the original  50  giving the total at  54.00  that is then taken out of the bank

The answer is C

ninjaintraining · Answer

8% interest on $50 is 50(8/100) = $4. Therefore, in 8 years Mr. Jones will have $50 + $4 = $54 to withdraw.  Answer C.

Mr. Jones deposited $50 in a savings bank at the beginning of the year

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GMAT Problem Solving (PS) Questions

Mr. Jones deposited $50 in a savings bank at the beginning of the year

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