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Section : 7 - Problem - 10

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by camitava » Sat Sep 15, 2007 5:19 am
Question to go ...

Code: Select all

On July 1, 1982, Ms. Fox deposited $10,000 in a new account at the annual interest rate of 12 percent compounded monthly. If no addi¬tional deposits or withdrawals were made and if interest was credited on the last day of each month, what was the amount of money in the account on September 1, 1982?
(A) $10,200
(B) $10,201
(C) $11,100
(D) $12,100
(E) $12,544
The OA is B but my answer coming is E. Tell me guess where I am missing.
Correct me If I am wrong


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Amitava
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Re: Section : 7 - Problem - 10

by gabriel » Sat Sep 15, 2007 5:27 am
camitava wrote:Question to go ...

Code: Select all

On July 1, 1982, Ms. Fox deposited $10,000 in a new account at the annual interest rate of 12 percent compounded monthly. If no addi¬tional deposits or withdrawals were made and if interest was credited on the last day of each month, what was the amount of money in the account on September 1, 1982?
(A) $10,200
(B) $10,201
(C) $11,100
(D) $12,100
(E) $12,544
The OA is B but my answer coming is E. Tell me guess where I am missing.
Comnpound interest question .. argh

*runs away*
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by samirpandeyit62 » Sat Sep 15, 2007 5:49 am
amt = 10000

roi =12% i.e 1% monthy

compounded monthly

so interest in 1 month = 1% of 10000 =100

so amt =10100

int in seconf month = 1% of 10100 =101

so amt at the end of second month (Sept) =10100 +101

=10201
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by camitava » Sat Sep 15, 2007 5:55 am
Thanks Samir. Uffffff! Again I overlooked the particular word - annual interest rate of 12 percent compounded monthly. I tried to solve the problem taking monthly interest as 12%. How to get rid of this,man!
Correct me If I am wrong


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by kajcha » Sat Sep 15, 2007 5:55 am
Agree B
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by samirpandeyit62 » Sat Sep 15, 2007 6:32 am
Hi Amitava,
I dont think anyone will take that kind of a loan, 10000$ at 12% CI per month, he would seriously doomed man while repaying. :lol: :lol:
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by camitava » Sat Sep 15, 2007 6:42 am
A person like me :x , I think, can take. Still I am depressed of this type of carelessness.
Correct me If I am wrong


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by samirpandeyit62 » Sat Sep 15, 2007 6:53 am
Come on man, I was just kidding.
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by niks_01.27 » Sun Sep 16, 2007 2:28 pm
My first reaction to this problem was, Man, what is this compound interest formula... hehe but thanks 'samir' for the input.

keep up the good work.
regards
niks...
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by camitava » Sun Sep 16, 2007 8:28 pm
Hey Samir, not a prob man! I am really frustrated with my carelessness. By the way thanks a lot for ur responses!
Correct me If I am wrong


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