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Compount Interest ... An investor opened a money market ...

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II: Master | Next Rank: 500 Posts; Posts: 400; Joined: Mon Dec 10, 2007 1:35 pm; Location: London, UK; Thanked: 19 times; GMAT Score:680

by II » Sun Aug 17, 2008 2:17 pm

see attached question:

A) 3.1%
B) 9.3%
C) 10.0%
D) 10.5%
E) 12.5%

Please illustrate your working/logic. Thanks.

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Source: Beat The GMAT — Problem Solving | Sun Aug 17, 2008 2:17 pm

2008: Senior | Next Rank: 100 Posts; Posts: 32; Joined: Tue Apr 08, 2008 10:09 am; Thanked: 4 times

by 2008 » Sun Aug 17, 2008 2:46 pm

i would say...

10% of 6000 is 600

now if you sum the 3 quarters you got 400, to arrive at 600 you still need 200.

200 is what percent of 6000+400 (as it is compound you reinvest the 400 already earned)...

200 is 3.1% of 6400....

i dont know if it's right, but it sounds nice, doesnt it?

sudhir3127: Legendary Member; Posts: 829; Joined: Mon Jul 07, 2008 10:09 pmFollowed by: 3 members; Location: INDIA; Thanked: 84 times

by sudhir3127 » Sun Aug 17, 2008 10:42 pm

i go with E.. do let me know if its right so that i can post my solution..

nervesofsteel: Legendary Member; Posts: 594; Joined: Thu Aug 14, 2008 11:51 pm; Thanked: 12 times

by nervesofsteel » Sun Aug 17, 2008 11:27 pm

E for me too...

we have to earn 200 in last qtr..
the invested amount is 6400.. at R % for last qtr..

200 = 6400 *R/100

R = 100/32 for last qtr..
Now Rate of interest for complete year is 100*4/32

= 12.5%..

Whts the OA..??

II: Master | Next Rank: 500 Posts; Posts: 400; Joined: Mon Dec 10, 2007 1:35 pm; Location: London, UK; Thanked: 19 times; GMAT Score:680

by II » Mon Aug 18, 2008 12:10 am

E is the OA ...

Interested in seeing other approaches to this.

sudhir3127: Legendary Member; Posts: 829; Joined: Mon Jul 07, 2008 10:09 pmFollowed by: 3 members; Location: INDIA; Thanked: 84 times

by sudhir3127 » Mon Aug 18, 2008 12:18 am

My approach was almost the same..here it goes..

6600 = 6400 ( 1+r/100)

solve for r .. r= 3.125 this is for one quarter

for the whole year its would be 3.125*4 = 12.5 hence E.

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