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100 points for $49 worth of Veritas practice GMATs FREE VERITAS PRACTICE GMAT EXAMS Earn 10 Points Per Post Earn 10 Points Per Thanks Earn 10 Points Per Upvote ## percent, interest and word problems ##### This topic has 1 expert reply and 0 member replies ## percent, interest and word problems Jane's investment of$200 increased by 200% in 7 years when compounded annually. If she wants to earn an additional compound interest of $4800, for how many more years should she keep her money invested? A. 7 years B. 14 years C. 21 years D. 24 years E. 30 years What is the correct solution to this to get the correct answer? How will i formulate the formula in this? QA is b ### GMAT/MBA Expert Legendary Member Joined 14 Jan 2015 Posted: 2667 messages Followed by: 122 members Upvotes: 1153 GMAT Score: 770 Roland2rule wrote: Jane's investment of$200 increased by 200% in 7 years when compounded annually. If she wants to earn an additional compound interest of $4800, for how many more years should she keep her money invested? A. 7 years B. 14 years C. 21 years D. 24 years E. 30 years What is the correct solution to this to get the correct answer? How will i formulate the formula in this? QA is b 200% of$200 is $400, so if her investment increased by$400, her investment will be worth $600 in 7 year. Put another way, her investment is tripling every 7years. So in 7 more years, she'll have 600*3 =$1800.
And in 14 years, she'll have have 1800*3 = 5400. Well, if she's gone from $600 to$5400, she's earned 5400 - 600 = $4800 more interest, so our answer is B. . _________________ Veritas Prep | GMAT Instructor Veritas Prep Reviews Save$100 off any live Veritas Prep GMAT Course

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