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Hussain15
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GMAT 1: 680 Q48 V34
Schools: Stanford '14 (D) Booth '14 (D) Johnson '14 (D)
GMAT 1: 680 Q48 V34
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14 Jun 2010, 09:00
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An investment yields an interest payment of $68 each week. If the simple annual interest rate is 7.5%, what is the amount of the investment assuming there only 48 weeks are calculated in a year?
(a) $28,600
(b) $30,430
(c) $34,330
(d) $37,860
(e) $43,520
(a) $28,600
(b) $30,430
(c) $34,330
(d) $37,860
(e) $43,520
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whiplash2411
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14 Jun 2010, 10:16
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Given that there are 48 weeks in that year, we have the total interest amount for a year = $68/week * 48 weeks
Now, we are given that this is equal to 7.5% of the investment amount. So, assuming investment amount to be x, we have:
\(\frac{7.5}{100} * x\) = 68*48
Solving for x, we get x = $43,520.
Now, we are given that this is equal to 7.5% of the investment amount. So, assuming investment amount to be x, we have:
\(\frac{7.5}{100} * x\) = 68*48
Solving for x, we get x = $43,520.
