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On April 1 2012, Tim deposited $10,000 in a new bank account at an ann
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06 Apr 2023, 03:55
06 Apr 2023, 03:55
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Question Stats:
88% (01:39) correct
11% (01:36) wrong based on 9 sessions
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On April 1 2012, Tim deposited $10,000 in a new bank account at an annual interest rate of 24 percent compounded monthly. If no additional deposits or withdrawals were made and the interest was credited at the last day of each month, what was the amount of money in the bank account on June 1, 2012?
$10,400
$10,404
$12,000
$12,402
$14,000
Post A Detailed Correct Solution For The Above Questions And Get A Kudos.
Question From Our Project: Free GRE Prep Club Tests in Exchange for 20 Kudos
\(\Longrightarrow\) GRE - Quant Daily Topic-wise Challenge
\(\Longrightarrow\) GRE SINGLE & COMPOUND INTEREST
$10,400
$10,404
$12,000
$12,402
$14,000
Post A Detailed Correct Solution For The Above Questions And Get A Kudos.
Question From Our Project: Free GRE Prep Club Tests in Exchange for 20 Kudos
\(\Longrightarrow\) GRE - Quant Daily Topic-wise Challenge
\(\Longrightarrow\) GRE SINGLE & COMPOUND INTEREST
Re: On April 1 2012, Tim deposited $10,000 in a new bank account at an ann
[#permalink]
06 Apr 2023, 22:00
06 Apr 2023, 22:00
1
For 12 months interest = 24%
For one month interest = 2%
April - May -> interest = 2% of 10000 = 200
May to June -> interest = 2% of 10000 + 2% of 200 (previous month interest ) = 200 + 4 = 204
Total interest = 200 + 204 = 404
Total amount = 10404
For one month interest = 2%
April - May -> interest = 2% of 10000 = 200
May to June -> interest = 2% of 10000 + 2% of 200 (previous month interest ) = 200 + 4 = 204
Total interest = 200 + 204 = 404
Total amount = 10404
gmatclubot
Re: On April 1 2012, Tim deposited $10,000 in a new bank account at an ann [#permalink]
06 Apr 2023, 22:00
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