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Bob invests 100 dollars in a fund that yields 15% simple int
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12 Oct 2017, 20:44
12 Oct 2017, 20:44
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Question Stats:
55% (01:09) correct
44% (01:37) wrong based on 27 sessions
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Bob invests 100 dollars in a fund that yields 15% simple interest monthly. If Bob invests the principal in the middle of January, which is the first month will he have more than $200 total?
(A) June
(B) July
(C) August
(D) February
(E) March
Kudos for correct solution.
(A) June
(B) July
(C) August
(D) February
(E) March
Kudos for correct solution.
Re: Bob invests 100 dollars in a fund that yields 15% simple int
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13 Oct 2017, 05:33
13 Oct 2017, 05:33
1
Amount is going to be double. as it is simple interest so 15*6=90%
invested in the mid of jan so int for the month of jan is 7.5%
so by the end of july he will have 97.5% returns and in the month of august he will get 15% more
so the answer is august
invested in the mid of jan so int for the month of jan is 7.5%
so by the end of july he will have 97.5% returns and in the month of august he will get 15% more
so the answer is august
Re: Bob invests 100 dollars in a fund that yields 15% simple int
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13 Oct 2017, 07:00
13 Oct 2017, 07:00
2
Bunuel wrote:
Bob invests 100 dollars in a fund that yields 15% simple interest monthly. If Bob invests the principal in the middle of January, which is the first month will he have more than $200 total?
(A) June
(B) July
(C) August
(D) February
(E) March
Kudos for correct solution.
(A) June
(B) July
(C) August
(D) February
(E) March
Kudos for correct solution.
Here he invested $100 in mid of January in a fund,which earn 15% interest every month
i.e Simple interest every month = $15
Now at the end of 6th month i.e July, the fund will have = (15*6) +100 = $90 +$100 =$190 (we have add $100, because we are calculating SI)
Therefore in the Month of August he will have = 190 +15 = $205 , hence it is more than $200
