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Interest Problem

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Senior | Next Rank: 100 Posts
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by aimscore » Tue Sep 28, 2010 4:49 pm
Gilbert deposits $200 into a bank account that earns interest at the rate of 8%. He makes no further transactions other than a $100 withdrawal after 3 years. Approx how much money is in Gilbert's account after he makes the withdrawal?

A $124
B $127
C $148
D $154
E $224

Answer : D

Can someone please explain.
Also could you please suggest a good book to understand the Compound Interest topic ?

Thanks
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by diebeatsthegmat » Tue Sep 28, 2010 5:04 pm
aimscore wrote:Gilbert deposits $200 into a bank account that earns interest at the rate of 8%. He makes no further transactions other than a $100 withdrawal after 3 years. Approx how much money is in Gilbert's account after he makes the withdrawal?

A $124
B $127
C $148
D $154
E $224

Answer : D

Can someone please explain.
Also could you please suggest a good book to understand the Compound Interest topic ?

Thanks
is this simple interest or compound interest?
the math is not clear....
read this link then you can solve this problem
https://www.getobjects.com/Components/Fi ... VM/iy.html
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by aimscore » Wed Sep 29, 2010 6:15 am
Hi diebeatsthegmat,

Thats exactly my question. I fail to understand if its a simple or compound interest problem.
The answer given says its a compound one, but the explanation they have given is too vague to make anything out of it.
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