DS

This topic has expert replies
Legendary Member
Posts: 876
Joined: Thu Apr 10, 2008 8:14 am
Thanked: 13 times

DS

by ketkoag » Sat May 16, 2009 1:29 am
$10,000 is deposited in a certain account that pays r percent annual interest compounded annually, the amount D(t), in dollars, that the deposit will grow to in t years in given by D(t)=10,000(1+(r/100))^t What amount will the deposit grow to in 3 years?

(1) D(t) = 11,000
(2) r=10


here OA is D but my answer is B as i i think that if we take 1 alone then 1.1 = 1(1+r/100)^t and from this equation we cannot solve for r or t. also i think that here in this equation we cannot put t = 3 to solve for r, coz we don't know that 11,000 is for 3 years.
please elaborate..
Source: — Data Sufficiency |

Master | Next Rank: 500 Posts
Posts: 260
Joined: Sun Oct 12, 2008 8:10 pm
Thanked: 4 times

by PAB2706 » Sat May 16, 2009 1:47 am
IMO d

We know t=3

We can substitute this value for both statements nd find r.

Legendary Member
Posts: 1169
Joined: Sun Jul 06, 2008 2:34 am
Thanked: 25 times
Followed by:1 members

Legendary Member
Posts: 876
Joined: Thu Apr 10, 2008 8:14 am
Thanked: 13 times

by ketkoag » Sat May 16, 2009 2:23 am
thanks aj. i think its a typo and now i am cleared about this after referring that link..:)