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A saving account offers 5%

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Carcass
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A saving account offers 5% [#permalink] Post   07 Mar 2024, 04:45
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A saving account offers 5% interest compounded daily


Quantity A
Quantity B
The account balance after investing $1 per day for one year
The account balance after investing $65 at the end of every month




A) Quantity A is greater.
B) Quantity B is greater.
C) The two quantities are equal.
D) The relationship cannot be determined from the information given.



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Carcass
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A saving account offers 5% [#permalink] Post   07 Apr 2024, 01:26
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Compound interest formula

Future value \(= $1*(1+0.05)* \dfrac{(1+0.05)^{30}-1}{0.05}=$69.76\)
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Re: A saving account offers 5% [#permalink] Post   19 Oct 2024, 03:09
Carcass wrote:
Compound interest formula

Future value \(= $1*(1+0.05)* \dfrac{(1+0.05)^{30}-1}{0.05}=$69.76\)


Any suggestions on how to reach that number without using a scientific calculator?
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Re: A saving account offers 5% [#permalink] Post   20 Oct 2024, 00:25
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Not reallly

you can work by estimation

\(= \dfrac{(1+0.05)^{30}-1}{0.05}\)

This portion can be estimated as 4-1=3 and over 0.05 is already 60

Then surely it will result > 65

This is the only way I do know
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Re: A saving account offers 5% [#permalink] Post   09 Feb 2026, 11:17
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Thanks to another GRE Prep Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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Re: A saving account offers 5% [#permalink]
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