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What dollar amount invested at the rate of 20 percent per annum

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Manager
Manager
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Status: Manager
Joined: 27 Oct 2018
Posts: 104
Location: Malaysia
Concentration: Strategy, International Business
GPA: 3.67
WE: Pharmaceuticals (Health Care)
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What dollar amount invested at the rate of 20 percent per annum  [#permalink]

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New post 20 Dec 2018, 07:45
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  45% (medium)

Question Stats:

63% (00:49) correct 38% (01:58) wrong based on 16 sessions

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What dollar amount invested at the rate of 20 percent per annum compounded annually for 2 years yields an interest of $176?

A) 300

B) 350

C) 400

D) 450

E) 500

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Concentration: Technology, Entrepreneurship
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Re: What dollar amount invested at the rate of 20 percent per annum  [#permalink]

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New post 21 Dec 2018, 01:13
Mahmoudfawzy83 wrote:
What dollar amount invested at the rate of 20 percent per annum compounded annually for 2 years yields an interest of $176?

A) 300

B) 350

C) 400

D) 450

E) 500



Let P be the invested amount.

Amount accumulated after 1 year X= P(1+0.2)

Now Amount after 2nd year = X(1+0.2)
= P(1+0.2)(1+0.2)
= P(1.2)(1.2) =P (1.44)

Interest accumulated = 1.44 P - P = 0.44P


comparing interest= 0.44P = $176

P= $400

Hit Kudos if it helps!!
GMAT Club Bot
Re: What dollar amount invested at the rate of 20 percent per annum &nbs [#permalink] 21 Dec 2018, 01:13
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