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An amount of $M invested at an annual interest rate of R% compounded a
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06 Apr 2023, 04:43
06 Apr 2023, 04:43
Expert Reply
4
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Question Stats:
75% (02:40) correct
25% (02:39) wrong based on 12 sessions
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An amount of $M invested at an annual interest rate of R% compounded annually increases from 1st April, 2003 to 31st March 2007 so that the final amount become 8/5 M. What is the approximate value of R ?
10
12.5
17
20
22.5
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10
12.5
17
20
22.5
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: An amount of $M invested at an annual interest rate of R% compounded a
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06 Apr 2023, 21:25
06 Apr 2023, 21:25
2
1
Bookmarks
A = P(1 + r/100)^n
8M/5 = M(1 + r/100)^4
1.6 = (1 + r/100)^4
Now using options...
If r = 10 then (1 + 10/100)^4 = 1.1^4 = 1.1^2 * 1.1^2 = 1.21 * 1.21 ~ 1.44...
for r = 10 we got a close value to 1.6
So for r = 12.5 we can get 1.6
Option B
8M/5 = M(1 + r/100)^4
1.6 = (1 + r/100)^4
Now using options...
If r = 10 then (1 + 10/100)^4 = 1.1^4 = 1.1^2 * 1.1^2 = 1.21 * 1.21 ~ 1.44...
for r = 10 we got a close value to 1.6
So for r = 12.5 we can get 1.6
Option B
Re: An amount of $M invested at an annual interest rate of R% compounded a
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25 Oct 2024, 23:15
25 Oct 2024, 23:15
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