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If $1000 is invested in a account paying 10% compounded mont

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by emdadul28 » Mon Dec 05, 2016 7:34 am
If $1000 is invested in a account paying 10% compounded monthly, how much would be the nearest ending balance at the end of 10 years?
#### How I can solve this math in a minutes without multiplying 1.10 for 10 times.
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by DavidG@VeritasPrep » Mon Dec 05, 2016 8:05 am
emdadul28 wrote:
If $1000 is invested in a account paying 10% compounded monthly, how much would be the nearest ending balance at the end of 10 years?
#### How I can solve this math in a minutes without multiplying 1.10 for 10 times.
Well, the bad news is that if we're compounding monthly, over a period of 10 years, there will be 120 compounding periods. The good news is that the GMAT would never ask you to do that arithmetic.
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by DavidG@VeritasPrep » Mon Dec 05, 2016 8:09 am
For some examples of actual GMAT interest rate questions, see here:

https://www.beatthegmat.com/interest-t280192.html

or here:

https://www.veritasprep.com/blog/2016/0 ... -the-gmat/

or here:

https://www.beatthegmat.com/interest-pro ... 92658.html
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by Brent@GMATPrepNow » Mon Dec 05, 2016 8:14 am
I agree with David.
For a question like that, you'd likely be given answer choices that show the calculations one would need to make in order to determine the interest.

Here's an example (from the 10th edition of the Official Guide) of such a question: https://www.beatthegmat.com/compound-int ... 72570.html

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by [email protected] » Mon Dec 05, 2016 10:12 am
Hi emdadul28,

The GMAT would never give you a question that actually required such a heavy number of calculations to solve. That having been said, if you included the 5 answer choices, then there might be a way to answer this question WITHOUT having to do a lot of math - you might use estimation, eliminate answers as being too big or too small, use the 'rule of 72' or some other approach.

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