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Mr. Jones deposited $50 in a savings bank at the beginning of the year
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14 Jan 2021, 02:30
14 Jan 2021, 02:30
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Question Stats:
50% (00:42) correct
50% (01:06) wrong based on 6 sessions
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Mr. Jones deposited $50 in a savings bank at the beginning of the year. Mr. Jones's money earns him interest at the rate of 8 percent of the amount deposited, for each year that Mr. Jones leaves his money in the bank. If Mr. Jones leaves his $50 in the bank for exactly one year and then decides to withdraw all of his money, how much money (including interest) can he withdraw? (The interest is not compounded.)
(A) $50.04
(B) $50.08
(C) $54.00
(D) $54.08
(E) $58.00
Kudos for the right answer and explanation
(A) $50.04
(B) $50.08
(C) $54.00
(D) $54.08
(E) $58.00
Kudos for the right answer and explanation
Re: Mr. Jones deposited $50 in a savings bank at the beginning of the year
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14 Jan 2021, 13:02
14 Jan 2021, 13:02
2
50 x (1+0.08)= 50 x 1.08 = 54
So answer is C:
So answer is C:
gmatclubot
Re: Mr. Jones deposited $50 in a savings bank at the beginning of the year [#permalink]
14 Jan 2021, 13:02
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