Latest GRE Aptitude Question SOLUTION: A deposit at a local bank earns between 2 percent and 5 percent simple interest in a year. If Suzanne makes an initial deposit of $800 at the bank, which of the following could b

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(#M40165860) GRE Numerical Ability question Keep an EYE

A deposit at a local bank earns between 2 percent and 5 percent simple interest in a year. If Suzanne makes an initial deposit of $800 at the bank, which of the following could be the amount of money in her account at the end of one year? A) $814 B) $820 C) $842 D) $848 E) $860

Asked In GRE Devendra Marghade (5 years ago)

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AASHRAY AJAY SHARMA  (5 years ago)

Since the interest rates ranges between 2-5% the interest will be ranging from $16-$40
Thus the amounts will be from $816 - $840, by considering the Simple Interest Formula--

Amount=Principal(1+((interest rate*Time period)/100)) = 800(1+((2*1)/100)) to 800(1+(5*1)/100))
Amount=$816 - $840. Thus Options (B)

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