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If money is invested at r percent interest, compounded annua
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12 May 2020, 06:09
12 May 2020, 06:09
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32% (01:35) wrong based on 100 sessions
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If money is invested at r percent interest, compounded annually, the amount of the investment will double in approximately \(\frac{70}{r}\) years. If Pat's parents invested $5,000 in a long-term bond that pays 8 percent interest, compounded annually, what will be the approximate total amount of the investment 18 years later, when Pat is ready for college?
(A) $20000
(B) $15000
(C) $12000
(D) $10000
(E) $9000
(A) $20000
(B) $15000
(C) $12000
(D) $10000
(E) $9000
Re: If money is invested at r percent interest, compounded annua
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12 May 2020, 06:09
12 May 2020, 06:09
Expert Reply
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Question From Our New Project: GRE Quant Challenge Questions Daily - NEW EDITION!
Re: If money is invested at r percent interest, compounded annua
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12 May 2020, 08:25
12 May 2020, 08:25
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at r percent interest, compounded annually, the amount of the investment will double in approximately 70/r years;
at 8 percent interest, compounded annually, the amount of the investment will double in approximately 70/8 years: that means principal value get doubled in 8.75 years
Principal investment = 5000
after 8.75 years, value = 2*5000 = 10,000
after next 8.75 years (i.e. 2*8.75= 17.5 years), value = 2*10,000 = 20,000
Ans: A
at 8 percent interest, compounded annually, the amount of the investment will double in approximately 70/8 years: that means principal value get doubled in 8.75 years
Principal investment = 5000
after 8.75 years, value = 2*5000 = 10,000
after next 8.75 years (i.e. 2*8.75= 17.5 years), value = 2*10,000 = 20,000
Ans: A
