GRE Prep Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Apr 25Crafting an Impactful Resume: Balancing Detail with Brevity
10:00 AM EDT
-10:30 AM EDT
Showcase your achievements through impactful storytelling! Get ready for an LIVE session on April 25, Learn how to craft compelling narratives on your resume that resonate with admission committees.
Apr 26Get a Top GRE Score with Target Test Prep
12:00 PM EDT
-01:00 PM EDT
The Target Test Prep course represents a quantum leap forward in GRE preparation, a radical reinterpretation of the way that students should study. In fact, more and more Target Test Prep students are scoring 329 and above on the GRE.
A deposit at a local bank earns between 2 percent and 5
[#permalink]
18 Dec 2016, 15:19
18 Dec 2016, 15:19
1
Expert Reply
00:00
Question Stats:
90% (00:58) correct
10% (00:56) wrong based on 100 sessions
Hide Show timer Statistics
A deposit at a local bank earns between 2 percent and 5 percent simple interest in a year. If Shirley 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
A. $814
B. $820
C. $842
D. $848
E. $860
Drill 1
Question: 4
Page: 311
Question: 4
Page: 311
Re: A deposit at a local bank earns between 2 percent and 5
[#permalink]
18 Dec 2016, 15:31
18 Dec 2016, 15:31
1
Expert Reply
Explanation
5% of $800 is $40, thus, the maximum amount of money that could be in the account at the end of one year is $840; eliminate choices (C), (D), and (E).
Similarly, the minimum amount that could be in the account at the end of one year is $800 plus 2% of $800, or $816; eliminate choice (A).
Hence option B is correct.
5% of $800 is $40, thus, the maximum amount of money that could be in the account at the end of one year is $840; eliminate choices (C), (D), and (E).
Similarly, the minimum amount that could be in the account at the end of one year is $800 plus 2% of $800, or $816; eliminate choice (A).
Hence option B is correct.
Retired Moderator
Joined: 10 Apr 2015
Posts: 6218
Given Kudos: 136
A deposit at a local bank earns between 2 percent and 5
[#permalink]
28 Dec 2016, 16:53
28 Dec 2016, 16:53
1
sandy wrote:
A deposit at a local bank earns between 2 percent and 5 percent simple interest in a year. If Shirley 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
A. $814
B. $820
C. $842
D. $848
E. $860
1% of $800 = $8
So, 2% of $800 = $16
So, at a 2% rate, Shirley has a TOTAL balance of $816
10% of $800 = $80
So, 5% of $800 = $40
So, at a 5% rate, Shirley has a TOTAL balance of $840
This means Shirley's balance is BETWEEN $816 and $840
Only answer choice B meets this condition.
Cheers,
Brent
