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Norman invested $20,000 in a mutual fund account exactly three years a
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04 Oct 2021, 08:49
04 Oct 2021, 08:49
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Norman invested $20,000 in a mutual fund account exactly three years ago. The value of the account increased by 10 percent during the first year, decreased by 5 percent during the second year, and increased by 10 percent during the third year. What is the value of the account today?
(A) $21,450
(B) $21,500
(C) $22,750
(D) $22,990
(E) $23,000
(A) $21,450
(B) $21,500
(C) $22,750
(D) $22,990
(E) $23,000
Re: Norman invested $20,000 in a mutual fund account exactly three years a
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04 Oct 2021, 10:15
04 Oct 2021, 10:15
Carcass wrote:
Norman invested $20,000 in a mutual fund account exactly three years ago. The value of the account increased by 10 percent during the first year, decreased by 5 percent during the second year, and increased by 10 percent during the third year. What is the value of the account today?
(A) $21,450
(B) $21,500
(C) $22,750
(D) $22,990
(E) $23,000
(A) $21,450
(B) $21,500
(C) $22,750
(D) $22,990
(E) $23,000
First year : 10% increase = $20,000 * 1.1
sec year : 5% drop = $20,000 * 1.1 * 0.95
Third year :10% increase = $20,000 * 1.1 * 0.95 * 1.1 = $22,990.
Answer is D)
gmatclubot
Re: Norman invested $20,000 in a mutual fund account exactly three years a [#permalink]
04 Oct 2021, 10:15
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