GMAT Question of the Day: Daily via email | Daily via Instagram New to GMAT Club? Watch this Video
close
It is currently 19 May 2022, 04:33
Register
GMAT Club Tests
Decision Tracker
My Rewards
New posts
New comers' posts

Close

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
Your Progress

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

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Go to My Error Log Learn more
Close

Request Expert Reply

Confirm Cancel
What is the interest rate on a savings account?
2 posts Go to First Unread Post
Print view
NEW TOPIC
POST REPLY
Downloads
My Bookmarks
Reviews
SORT BY:
Date
Kudos
Tags:
Find Similar Topics 

Show Tags
Hide Tags

User avatar
V
Bunuel
Math Expert
Joined: 02 Sep 2009
Posts: 86255
Premium Member CAT Tests Top Member of the Month
What is the interest rate on a savings account? [#permalink] New post  01 Jan 2021, 23:44
Expert Reply
Quiz Dashboard Attempt only this question Same topic and source Same topic and difficulty Same source and difficulty Random Chronological Reverse chronological Learn more
00:00
A
B
C
D
E

Difficulty:

15% (low)

Question Stats:

86% (00:37) correct 14% (00:34) wrong based on 57 sessions

Hide Show timer Statistics

What is the interest rate on a savings account?

(1) The saver collected $42 in simple interest over several months.
(2) There was $1,680 in the account initially.
ShowHide Answer
Official Answer
Official Answer and Stats are available only to registered users. Register/Login.

_________________
New to the GMAT CLUB Forum?

My Signature Questions' Collection:


What are GMAT Club Tests?
Extra-hard Quant Tests with Brilliant Analytics
Signature Read More
Quiz Dashboard Attempt only this question Same topic and source Same topic and difficulty Same source and difficulty Random Chronological Reverse chronological Learn more
User avatar
V
BrentGMATPrepNow
GMAT Club Legend
GMAT Club Legend
Joined: 11 Sep 2015
Posts: 6589
Location: Canada
Top Member of the Month
Re: What is the interest rate on a savings account? [#permalink] New post  03 Jan 2021, 07:20
Expert Reply
Top Contributor
Bunuel wrote:
What is the interest rate on a savings account?

(1) The saver collected $42 in simple interest over several months.
(2) There was $1,680 in the account initially.


Target question: What is the interest rate on a savings account?
When I scan the two statements, they both feel insufficient, so I’m going to head straight to……

Statements 1 and 2 combined
The correct answer here is E, since statement one doesn't specify the EXACT time period elapsed in order to get $42 in interest.
For example, if the initial investment is $1,680 and it took 12 months to receive $42 in interest, then the interest rate will be different from the interest rate we'd get if it took 240 months to receive $42 in interest.

Cheers,
Brent
_________________
Brent Hanneson – Creator of gmatprepnow.com
Before you spend another second preparing for the GMAT, check out my article series, Are you doing it wrong?.
You’ll learn what the GMAT actually tests, and why memorizing a ton of formulas actually makes you less effective.
Signature Read More
GMAT Club Bot
gmatclubot
Re: What is the interest rate on a savings account? [#permalink]
03 Jan 2021, 07:20
NEW TOPIC
POST REPLY
Downloads
My Bookmarks
Reviews
Moderators:
chetan2u
Math Expert
10516 posts
Bunuel
Math Expert
86255 posts
nick1816
DS Forum Moderator
1949 posts

cron

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

Main navigation

GMAT Resources

Partners

MBA Resources

www.gmac.com|www.mba.com | | GMAT Club Rules | Terms and Conditions