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08 Nov 2018, 00:17
Kudos
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B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
65%
(hard)
Question Stats:
51% (01:32) correct
49%
(01:14)
wrong
based on 39
sessions
History
Date
Time
Result
Not Attempted Yet
Mark deposits $1,000 into a bank account that pays simple annual interest of 7%. If he makes no other deposits or withdrawals, approximately how much interest has the account earned after four years?
A. $280
B. $311
C. $700
D. $1,280
E. $1,311
A. $280
B. $311
C. $700
D. $1,280
E. $1,311
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08 Nov 2018, 00:23
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Bunuel
Interest first year = 7/100 * 1,000 = 70
Now the total new amount for 2nd year is 1070
7/100 * 1070 is a little below 77 (had it be 1100 then it would be 77)
280 is not possible unless it is a simple interest.
If it is a compound interest it must be a little more than that.
So answer choice B
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Manat
Joined: 11 Jun 2018
Last visit: 22 Feb 2020
Posts: 122
Given Kudos: 79
Schools: DeGroote "22 (II) Molson '22 (A)
GMAT 1: 500 Q39 V21
04 Dec 2018, 07:58
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how do you know the question asks for compound interest?
