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A deposit at a local bank earns between 2 percent and 5
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18 Dec 2016, 15:19
18 Dec 2016, 15:19
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Expert Reply
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Question Stats:
90% (00:58) correct
9% (00:56) wrong based on 107 sessions
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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
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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.
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A deposit at a local bank earns between 2 percent and 5
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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
