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Stewie deposits $5000

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by BTGmoderatorDC » Sat Dec 16, 2017 1:22 am
Stewie deposits $5000 at a compounded interest rate. What is the interest Stewie will earn after 3 years?

(1) The interest is calculated on a monthly basis.

(2) The annual rate of interest is 6%.

How will i prove the best answer?

OA C
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by GMATGuruNY » Sat Dec 16, 2017 4:07 am
lheiannie07 wrote:Stewie deposits $5000 at a compounded interest rate. What is the interest Stewie will earn after 3 years?

(1) The interest is calculated on a monthly basis.

(2) The annual rate of interest is 6%.
To calculate compounded interest over 3 years, we need to know both the RATE of interest and the BASIS (how frequently interest is calculated and compounded).
Thus, to calculate the interest Stewie will earn after 3 years, both statements are required.

The correct answer is C.
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