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GRE Prep Club Team Member
Joined: 20 Feb 2017
Posts: 2506
Given Kudos: 1053
GPA: 3.39
For a certain savings account, the table shows the three transactions
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13 Apr 2022, 09:35
13 Apr 2022, 09:35
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For a certain savings account, the table shows the three transactions for the month of June. The daily balance for the account was recorded at the end of each of the 30 days in June. If the daily balance was $1,000 on June 1 and if the average (arithmetic mean) of the daily balances for June was $1,000, what was the amount of the deposit on June 21?
A. $1,000
B. $1,150
C. $1,200
D. $1,450
E. $1,600
GRE Prep Club Team Member
Joined: 20 Feb 2017
Posts: 2506
Given Kudos: 1053
GPA: 3.39
Re: For a certain savings account, the table shows the three transactions
[#permalink]
17 Apr 2022, 03:16
17 Apr 2022, 03:16
Expert Reply
For this question, we have to deal with the average the daily balance at the END of each day for the entire 30 days.
For the first 10 days, the average is $1,000
For the next 5 days, the average is $650
For the next 5 days after, the average is $150
For the final 10 days, the average is $X
We're told that the average for the ENTIRE month is $1,000, so we need to use the Average Formula:
[10(1,000) + 5(650) + 5(150) + 10(X)]/30 = 1,000
This math can be done in a couple of different ways, but you'll eventually get to….
[14,000 + 10X]/30 = 1,000
14,000 + 10X = 30,000
10X = 16,000
X = 1600
Since X is the BALANCE for the last 10 days and there was already $150 in the account BEFORE the deposit was made, the deposit must be $1,450
Answer: D
For the first 10 days, the average is $1,000
For the next 5 days, the average is $650
For the next 5 days after, the average is $150
For the final 10 days, the average is $X
We're told that the average for the ENTIRE month is $1,000, so we need to use the Average Formula:
[10(1,000) + 5(650) + 5(150) + 10(X)]/30 = 1,000
This math can be done in a couple of different ways, but you'll eventually get to….
[14,000 + 10X]/30 = 1,000
14,000 + 10X = 30,000
10X = 16,000
X = 1600
Since X is the BALANCE for the last 10 days and there was already $150 in the account BEFORE the deposit was made, the deposit must be $1,450
Answer: D
Re: For a certain savings account, the table shows the three transactions
[#permalink]
24 Oct 2024, 05:07
24 Oct 2024, 05:07
Hello from the GRE Prep Club BumpBot!
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Thanks to another GRE Prep Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).
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