GRE Prep Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
A bank pays interest to its customers on the last day of the
[#permalink]
16 May 2019, 16:19
16 May 2019, 16:19
Expert Reply
00:00
Question Stats:
50% (01:35) correct
50% (01:31) wrong based on 18 sessions
Hide Show timer Statistics
A bank pays interest to its customers on the last day of the year. The interest paid to a customer is calculated as 10% of the average monthly balance maintained by the customer. John is a customer at the bank. On the last day, when the interest was accumulated into his account, his bank balance doubled to $5680. What is the average monthly balance maintained by John in his account during the year?
(A) 2840
(B) 5680
(C) 6840
(D) 7540
(E) 28400
(A) 2840
(B) 5680
(C) 6840
(D) 7540
(E) 28400
Re: A bank pays interest to its customers on the last day of the
[#permalink]
12 May 2020, 13:40
12 May 2020, 13:40
Expert Reply
bank balance is doubled with accumulation of interest tp 5680..
this means INTEREST is 5680/2=2840 for entire year..
although since interest is 10% of avg MONthly balance, it becomes 28400..
this means INTEREST is 5680/2=2840 for entire year..
although since interest is 10% of avg MONthly balance, it becomes 28400..
gmatclubot
Re: A bank pays interest to its customers on the last day of the [#permalink]
12 May 2020, 13:40
Moderators:
