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by bblast » Sun May 29, 2011 9:50 am
The table to the left shows the fee schedule for early withdrawal of a deposit from a secured fund. If Joe deposited $15,000 in January of 2003 and then later withdrew the money, in what month and year did he make the withdrawal?

(1) The fee for early withdrawal was $1,050.

(2) If Joe had waited one more month to withdraw his money, the fee would have been $450 less


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by SoCan » Sun May 29, 2011 10:28 am
There's a problem with the way this question is written - the months that multiples of 6 have two different penalty fees. If you withdraw in month 6, do you pay 20% or 15%? Assuming the time periods are actually 0-6, 7-12, 13-18, etc:

1) This statement tells you Joe paid a 7% fee, so Joe could have have withdrawn any time from month 19 to 24.
2) This statement tells you that Joe could have had a 3% reduction. Only two periods go down 3%. Joe could have paid either month 18 or month 24.

Combining the statements, the only overlap is 24.

Assuming the time periods are actually 0-5, 6-11, 12-17, etc. also gives you C, but would give you a different answer if you actually had to solve it (23).

IF the answer is actually meant to be written this way, then the answer would be E.
1) Joe withdrew sometime in the 18-24 time frame.
2) Joe withdrew in months 17, 18, 23 or 24

Combining the statements - Joe either withdrew in month 23 or month 24. I guess the penalty depends on the whim of the banker.
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by manpsingh87 » Sun May 29, 2011 10:41 am
bblast wrote:The table to the left shows the fee schedule for early withdrawal of a deposit from a secured fund. If Joe deposited $15,000 in January of 2003 and then later withdrew the money, in what month and year did he make the withdrawal?

(1) The fee for early withdrawal was $1,050.

(2) If Joe had waited one more month to withdraw his money, the fee would have been $450 less


Image


C
fees for early withdrawal can be written as per the data as;
0-6 ----->3000
6-12 ----->2250
12-18------>1500
18-24------>1050
24-30------>600
30-36------>300;

1) the fee for early withdrawal was 1050,, from the above we can see that it's for the month range of 18-24; hence year would definitely be 2004; but since question ask for month as well,, that we cannot answer as per the given information because it can be any month form july to december hence 1 alone is not sufficient to answer the question.

2) now here two scenarios are possible; i.e. he is either withdrawing the money in the month range of 12-18 or in the month range of 18-24; because for both of these ranges difference amount subsequent amounts is 450, hence 2 alone is also not sufficient to answer the question.

combining 1 and 2 we have month range of 18-24 and month would definitely be December and year would definitely be 2004.. hence C
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