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Jonny borrows $30,000 from Tony at 2% daily interest compoun

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by alanforde800Maximus » Mon Oct 17, 2016 9:17 pm
Johnny borrows $30,000 from Tony at 2% daily interest compounded daily. How much does Johnny owe Tony after 8 weeks?

a) 30000*0.02^56
b) 30000*1.12
c) 30000*2.12
d) 30000*1.02^56
e) (30000*1.02)^56

Please assist with above problem.
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by Max92W » Mon Oct 17, 2016 9:32 pm
Think of it as the interest formula. Total = P(1+i)^n
N = # of times compounded
I = interest

Change interest to decimal form 2% - 0.02
8 weeks X 7 days in each week = 56 days
Then just plug in the eq!

P(1+i)^n
Becomes
30000(1.02)^56
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by GMATGuruNY » Tue Oct 18, 2016 12:16 am
alanforde800Maximus wrote:Johnny borrows $30,000 from Tony at 2% daily interest compounded daily. How much does Johnny owe Tony after 8 weeks?

a) 30000*0.02^56
b) 30000*1.12
c) 30000*2.12
d) 30000*1.02^56
e) (30000*1.02)^56
To increase x by 2% is to multiply x by a factor of 1.02:
1.02x.

Here, the borrowed amount increases by 2% every day for 8 weeks, for a total of 56 days.
Thus, the borrowed amount -- $30,000 -- will be multiplied by a factor of 1.02 56 times:
(30,000)(1.02)��.

The correct answer is D.
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