Set 14 Q 14

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Set 14 Q 14

by [email protected] » Tue Sep 25, 2007 7:02 am
$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
A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.
B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.
C. BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.
D. EACH statement ALONE is sufficient.
E. Statements (1) and (2) TOGETHER are NOT sufficient.

My answer is different from the OA given in SET.Please let me know your views

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by samirpandeyit62 » Tue Sep 25, 2007 7:15 am
formulae : D(t) = 10,000 {1+(r/100)}t


stmt 1:
D(t) = 11,000 now here t& r are not known and I dont think we can assume t=3, well in that case it should have been D(3) =11000
Not Suff

stmt 2: r=10, t=3 put these in formula we would get the amt.

suff

so my ans is B
Regards
Samir

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by gmatguy16 » Tue Sep 25, 2007 10:58 am
agree with samir.let us know oa after maybe few more responses

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by [email protected] » Tue Sep 25, 2007 11:34 am
My answer is also B
But the OA is D which I think its wrong as I find mistakes in answers in both verbal and Quant