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if $1000 were invested at 5.6% {exam in THREE days Help!)
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chocoswiss
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ques as in attachment
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- image from gmatprep
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swutherton
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The answer is 'e', seems straight forward unless I am missing something:
P(1+r/100)^T = 1000(1+(5.6/100))^3=1000(1.056)^3
P(1+r/100)^T = 1000(1+(5.6/100))^3=1000(1.056)^3
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chocoswiss
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u're right
oh man, with three days left i should be revising my basic formulae instead of taking more prac test
somehow i thought i dont need to know formulae for cmpd interest, standard dev etc for gmat
oh man, with three days left i should be revising my basic formulae instead of taking more prac test
somehow i thought i dont need to know formulae for cmpd interest, standard dev etc for gmat
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swutherton
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Well in this question you actually dont. Two answers give you a total of over 3000, and the other two less than 1001. If you are investing your money for 3 years at 5.6% and tripling the amount then there is something shady going on, likewise if you earn only $1 then it aint worth investing 
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goyalsau
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Sharp.........swutherton wrote:Well in this question you actually dont. Two answers give you a total of over 3000, and the other two less than 1001. If you are investing your money for 3 years at 5.6% and tripling the amount then there is something shady going on, likewise if you earn only $1 then it aint worth investing
Saurabh Goyal
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crisro
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wrong, third answer gives 1,168 and the last fifth 1,177.swutherton wrote:Well in this question you actually dont. Two answers give you a total of over 3000, and the other two less than 1001. If you are investing your money for 3 years at 5.6% and tripling the amount then there is something shady going on, likewise if you earn only $1 then it aint worth investing
