BREAKING: Target Test Prep releases Brand New 2026 On Demand GMAT prep course

Redeem
TTP OnDemand GMAT Video Course
Featured Course

Target Test Prep GMAT OnDemand

Scott Woodbury-Stewart’s private virtual classroom — 400 hours of master-class video lessons for the GMAT Focus Edition.

  • 715+ score guarantee — highest in the industry (99th percentile)
  • 52 chapters · 1,500+ lessons · 4,000+ practice questions
  • 400 hours of video · 1,500+ instructor-led HD smartboard lessons
  • 300,000+ students accepted to Harvard, Stanford, Wharton, Booth & Sloan & more
  • 24/7 live support + weekly Zoom office hours with GMAT instructors
  • TTP AI Assist — 24/7 AI-powered virtual tutor for instant help
  • 1,200+ flashcards + AI-powered study assistant & daily calendar
  • OnDemand, LiveTeach & GMAT Bootcamp formats available
  • Also: GRE, SAT Math & Executive Assessment courses
  • MBA Admissions Consulting now available
  • 🏆 2025 EdTech Breakthrough Award: Test Prep Solution Provider of the Year
  • 200,000+ students served
  • 5-day free trial — $0 to start, no auto-billing, cancel anytime
★★★★★ 5.0 (559 reviews)
130-pt guarantee
$0 to start then $127/mo
Start Free 5-Day Trial Read 559 Reviews →

OG13 141

Expert replies
Post new topic Post Reply
Previous Topic Next Topic
Senior | Next Rank: 100 Posts
Posts: 35
Joined: Wed Jul 27, 2011 12:35 amFollowed by: 2 members
by TheAnuja55 » Tue Oct 16, 2012 12:22 am
If money is invested at r percent interest, compounded annually, the amount of investment will double in approximately 70/r years. If Pat's parents invested $ 5000 in a long term bond that pays 8 percent interest, compounded annually, what will be the approximate total amount of investment 18 years later, when Pat is ready for college?

A. $20000
B. $15000
C. $12000
D. $10000
E. $9000
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Source: — Problem Solving |
User avatar
Master | Next Rank: 500 Posts
Posts: 279
Joined: Mon Jun 25, 2012 10:56 pmFollowed by: 10 members
Thanked: 60 times

by anuprajan5 » Tue Oct 16, 2012 12:59 am
P principal will turn to 2P in 70/r years.

In this specific case, 5000 will turn to 10000 in 70/8 (8.75 years)

We are asked to calculate the amount in 18 years.

[spoiler]In the first 8.75 years, 5000 will turn to 10,000.
In the second 8.75 years, 10000 will turn to 20,000. Hence answer A[/spoiler]
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Senior | Next Rank: 100 Posts
Posts: 35
Joined: Wed Jul 27, 2011 12:35 amFollowed by: 2 members

by TheAnuja55 » Tue Oct 16, 2012 1:27 am
anuprajan5 wrote:P principal will turn to 2P in 70/r years.

In this specific case, 5000 will turn to 10000 in 70/8 (8.75 years)

We are asked to calculate the amount in 18 years.

[spoiler]In the first 8.75 years, 5000 will turn to 10,000.
In the second 8.75 years, 10000 will turn to 20,000. Hence answer A[/spoiler]
Great explanation, Thanx. Without anything I was making it complicated. Now I'm feeling like It was an easy question.
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Post new topic Post Reply
• Page 1 of 1