GRE
Exam
Numerical Ability
Simple & Compound Interest
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
Read Solution (Total 1)
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- 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) - 5 years agoHelpfull: Yes(0) No(0)
GRE Other Question
What are the greatest and smallest positive differences between any of the factors of 210? A) 103 and 1 B) 209 and 0 C) 210 and 1 D) 103 and 11 E) 209 and 1
Between the first day of May and last day in June, the price per kilogram of Melange, a seasoning mix, first declined by 20 percent and then increased by 50 percent. During this same period, the price per liter of Blue, a spring water,first increased by 20 percent and then declined by 50 percent. If at the end of June, the prices were the same, then, at the beginning of May, the price per kilogram for Blue was what percent of the price per liter of Melange?