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28 Jul 2020, 07:36
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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:
55%
(hard)
Question Stats:
70% (01:14) correct
30%
(02:32)
wrong
based on 10
sessions
History
Date
Time
Result
Not Attempted Yet
If money is invested at r percent interest, compounded annually the amount of the investment will double in approximately 70/r years. If Eloise invested $2000 in a long term bond that pays 5 percent interest, compounded annually, what will be the approximate total amount of the investment 30 years later ?
A. $ 6,000
B. $ 8,000
C. $ 16,000
D. $ 20,000
E. $ 28,000
Posted from my mobile device
A. $ 6,000
B. $ 8,000
C. $ 16,000
D. $ 20,000
E. $ 28,000
Posted from my mobile device
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28 Jul 2020, 07:46
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Investment will double in 70/5 = 14 years. Hence in 28 years the initial amount will double 2 times 2000*2*2=8000.As we are asked approximate we may go for option b. The actual amount will be slightly greater than 8000
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yashikaaggarwal
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28 Jul 2020, 08:06
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2000$ is invested at a rate of 5% for 30 years
C.I = P(100+r/100)^T
C.I = 2000(100+5/100)^30
C.I = 2000(105/100)^30
C.I = 2000(1.05)^30
C.I = 2000(4.32)
C.I = 8640 approx
which is nearest to 8,000$ among all options
Answer is B
C.I = P(100+r/100)^T
C.I = 2000(100+5/100)^30
C.I = 2000(105/100)^30
C.I = 2000(1.05)^30
C.I = 2000(4.32)
C.I = 8640 approx
which is nearest to 8,000$ among all options
Answer is B
