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A bank pays interest to its customers on the last day of the
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16 May 2019, 16:19
16 May 2019, 16:19
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Question Stats:
52% (01:35) correct
47% (01:31) wrong based on 19 sessions
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A bank pays interest to its customers on the last day of the year. The interest paid to a customer is calculated as 10% of the average monthly balance maintained by the customer. John is a customer at the bank. On the last day, when the interest was accumulated into his account, his bank balance doubled to $5680. What is the average monthly balance maintained by John in his account during the year?
(A) 2840
(B) 5680
(C) 6840
(D) 7540
(E) 28400
(A) 2840
(B) 5680
(C) 6840
(D) 7540
(E) 28400
Re: A bank pays interest to its customers on the last day of the
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12 May 2020, 13:40
12 May 2020, 13:40
Expert Reply
bank balance is doubled with accumulation of interest tp 5680..
this means INTEREST is 5680/2=2840 for entire year..
although since interest is 10% of avg MONthly balance, it becomes 28400..
this means INTEREST is 5680/2=2840 for entire year..
although since interest is 10% of avg MONthly balance, it becomes 28400..
gmatclubot
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12 May 2020, 13:40
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