$10,000 is deposited in a certain account that pays r percent annual interest compounded annually,
the amount D(t), in dollars, that the deposit will grow to in t years is given by D(t) = 10,000
{1+(r/100)}^t. What amount will the deposit grow to in 3 years?
(1) D(t) = 11,000
(2) r =10
Is statement 1 sufficient? Based on statement 1, we get 11,000 = 10000 {1+(r/100)}^t . We have two unknowns (r & t) here. Hence, insufficient. Am I missing something?
OA – D
the amount D(t), in dollars, that the deposit will grow to in t years is given by D(t) = 10,000
{1+(r/100)}^t. What amount will the deposit grow to in 3 years?
(1) D(t) = 11,000
(2) r =10
Is statement 1 sufficient? Based on statement 1, we get 11,000 = 10000 {1+(r/100)}^t . We have two unknowns (r & t) here. Hence, insufficient. Am I missing something?
OA – D
