On July 1, 1982, Ms. Fox deposited $10,000 in a new account at the annual interest rate of 12 percent compounded monthly. If no additional deposits or withdrawals were made and if interest was credited on the last day of each month, what was the amount of money in the account on September 1, 1982?
(A) $10,200
(B) $10,201
(C) $11,100
(D) $12,100
(E) $12,201
(A) $10,200
(B) $10,201
(C) $11,100
(D) $12,100
(E) $12,201
The mind is everything. What you think you become. -Lord Buddha
Sanjeev K Saxena
Quantitative Instructor
The Princeton Review - Manya Abroad
Lucknow-226001
www.manyagroup.com
Sanjeev K Saxena
Quantitative Instructor
The Princeton Review - Manya Abroad
Lucknow-226001
www.manyagroup.com
