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Tom saved $10,000 at a constant compound interest rate of r

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by Max@Math Revolution » Wed Dec 05, 2018 11:19 pm

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[Math Revolution GMAT math practice question]

Tom saved $10,000 at a constant compound interest rate of r percent annually. After 10 years, the balance is double the principal. What will be the balance 30 years after the deposit?

A. $30,000
B. $40,000
C. $50,000
D. $60,000
E. $80,000
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by GMATGuruNY » Thu Dec 06, 2018 3:43 am
Max@Math Revolution wrote:[Math Revolution GMAT math practice question]

Tom saved $10,000 at a constant compound interest rate of r percent annually. After 10 years, the balance is double the principal. What will be the balance 30 years after the deposit?

A. $30,000
B. $40,000
C. $50,000
D. $60,000
E. $80,000

Original deposit: 10,000.
The balance doubles every 10 years.
After 10 years, we get:
2*10,000 = 20,000.
After 20 years, we get:
2*20,000 = 40,000.
After 30 years, we get:
2*40,000 = 80,000.

The correct answer is E.
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by abhishekgoswami1234u » Thu Dec 06, 2018 8:12 am
The question says,the balance got doubled in 10 years of time.This means Balance after 10 years is 10,000*2= 20,000$ .Going by the same logic, and since in 20 years, the balance will be double of the balance in 10 years, which means 20,000*2= 40,000$. In another 10 years, that means, at the end of 30 years, the balance will again double up. The final balance will thus become 40,000*2= 80,000$.

Hence Answer
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by Max@Math Revolution » Sun Dec 09, 2018 5:49 pm
=>

After 10 years, we have 10,000(1+r)^10 = 20,000 or (1+r)^10 = 2.
So, after 30 years the balance is 10,000(1+r)^30 = 10,000((1+r)^10)^3= 10,000*2^3 =10,000*8 = 80,000.

Therefore, the answer is E.
Answer: E
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