GMAT Question of the Day - Daily to your Mailbox; hard ones only

 It is currently 20 Nov 2018, 14:26

### GMAT Club Daily Prep

#### Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

## Events & Promotions

###### Events & Promotions in November
PrevNext
SuMoTuWeThFrSa
28293031123
45678910
11121314151617
18192021222324
2526272829301
Open Detailed Calendar
• ### All GMAT Club Tests are Free and open on November 22nd in celebration of Thanksgiving Day!

November 22, 2018

November 22, 2018

10:00 PM PST

11:00 PM PST

Mark your calendars - All GMAT Club Tests are free and open November 22nd to celebrate Thanksgiving Day! Access will be available from 0:01 AM to 11:59 PM, Pacific Time (USA)
• ### Free lesson on number properties

November 23, 2018

November 23, 2018

10:00 PM PST

11:00 PM PST

Practice the one most important Quant section - Integer properties, and rapidly improve your skills.

# What is the final balance of a bank account after two years if the sta

Author Message
TAGS:

### Hide Tags

Math Expert
Joined: 02 Sep 2009
Posts: 50711
What is the final balance of a bank account after two years if the sta  [#permalink]

### Show Tags

29 Oct 2018, 03:33
00:00

Difficulty:

15% (low)

Question Stats:

91% (00:33) correct 9% (00:58) wrong based on 35 sessions

### HideShow timer Statistics

What is the final balance of a bank account after two years if the starting balance is $1,000 at an annual rate of 5%, using simple interest? Assume no other money was withdrawn or deposited. A.$50
B. $100 C.$1,050
D. $1,100 E.$1,150

_________________
Manager
Joined: 15 Feb 2017
Posts: 137
Re: What is the final balance of a bank account after two years if the sta  [#permalink]

### Show Tags

29 Oct 2018, 03:39
What is the final balance of a bank account after two years if the starting balance is $1,000 at an annual rate of 5%, using simple interest? Assume no other money was withdrawn or deposited. A.$50
B. $100 C.$1,050
D. $1,100 E.$1,150

Amount = P + (P *n * r)/100
= 1000 + ( 1000*5*2)/100
= 1100$Choice D Thanks Sent from my Lenovo K33a42 using GMAT Club Forum mobile app _________________ IMPOSSIBLE IS JUST AN OPINION Senior Manager Joined: 18 Aug 2017 Posts: 277 Concentration: Healthcare, Marketing Re: What is the final balance of a bank account after two years if the sta [#permalink] ### Show Tags 29 Oct 2018, 03:44 What is the final balance of a bank account after two years if the starting balance is$1,000 at an annual rate of 5%, using simple interest? Assume no other money was withdrawn or deposited.

A. $50 B.$100
C. $1,050 D.$1,100
E. $1,150 A = P(1 + rt) =1000(1+.05*2) =1100 IMO D Board of Directors Status: QA & VA Forum Moderator Joined: 11 Jun 2011 Posts: 4230 Location: India GPA: 3.5 WE: Business Development (Commercial Banking) Re: What is the final balance of a bank account after two years if the sta [#permalink] ### Show Tags 29 Oct 2018, 08:03 Bunuel wrote: What is the final balance of a bank account after two years if the starting balance is$1,000 at an annual rate of 5%, using simple interest? Assume no other money was withdrawn or deposited.

A. $50 B.$100
C. $1,050 D.$1,100
E. $1,150 $$SI = \frac{1000*2*5}{100}$$ So, $$SI = 100$$ Thus, Amount available at the end of 2 years is$1,100 , Answer must be (D)
_________________

Thanks and Regards

Abhishek....

PLEASE FOLLOW THE RULES FOR POSTING IN QA AND VA FORUM AND USE SEARCH FUNCTION BEFORE POSTING NEW QUESTIONS

How to use Search Function in GMAT Club | Rules for Posting in QA forum | Writing Mathematical Formulas |Rules for Posting in VA forum | Request Expert's Reply ( VA Forum Only )

e-GMAT Representative
Joined: 04 Jan 2015
Posts: 2203
Re: What is the final balance of a bank account after two years if the sta  [#permalink]

### Show Tags

30 Oct 2018, 02:35

Solution

Given:
• Starting balance = $1,000 • Annual rate of simple interest = 5% • No other money was withdrawn or deposited To find: • The final balance after two years Approach and Working: • Balance at the end of 1 year =$1,000 + 5% of $1,000 =$1,000 + $50 =$1,050
• Balance at the end of two years = $1,050 + 5% of 1,000 =$1,100

Hence, the correct answer is Option D

_________________

Number Properties | Algebra |Quant Workshop

Success Stories
Guillermo's Success Story | Carrie's Success Story

Ace GMAT quant
Articles and Question to reach Q51 | Question of the week

Number Properties – Even Odd | LCM GCD | Statistics-1 | Statistics-2
Word Problems – Percentage 1 | Percentage 2 | Time and Work 1 | Time and Work 2 | Time, Speed and Distance 1 | Time, Speed and Distance 2
Advanced Topics- Permutation and Combination 1 | Permutation and Combination 2 | Permutation and Combination 3 | Probability
Geometry- Triangles 1 | Triangles 2 | Triangles 3 | Common Mistakes in Geometry
Algebra- Wavy line | Inequalities

Practice Questions
Number Properties 1 | Number Properties 2 | Algebra 1 | Geometry | Prime Numbers | Absolute value equations | Sets

| '4 out of Top 5' Instructors on gmatclub | 70 point improvement guarantee | www.e-gmat.com

Re: What is the final balance of a bank account after two years if the sta &nbs [#permalink] 30 Oct 2018, 02:35
Display posts from previous: Sort by