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.
Lucy invested $10,000 in a new mutual fund account exactly t
[#permalink]
10 Jun 2020, 10:12
10 Jun 2020, 10:12
Expert Reply
00:00
Question Stats:
76% (00:37) correct
23% (01:08) wrong based on 30 sessions
Hide Show timer Statistics
Lucy invested $10,000 in a new mutual fund account exactly three years ago. The value of the account increased by 10 percent during the first year, increased by 5 percent during the second year, and decreased by 10 percent during the third year. What is the value of the account today?
(A) $10,350
(B) $10,395
(C) $10,500
(D) $11,500
(E) $12,705
(A) $10,350
(B) $10,395
(C) $10,500
(D) $11,500
(E) $12,705
Re: Lucy invested $10,000 in a new mutual fund account exactly t
[#permalink]
10 Jun 2020, 10:12
10 Jun 2020, 10:12
Expert Reply
Post A Detailed Correct Solution For The Above Questions And Get A Kudos.
Question From Our New Project: GRE Quant Challenge Questions Daily - NEW EDITION!
Question From Our New Project: GRE Quant Challenge Questions Daily - NEW EDITION!
Retired Moderator
Joined: 10 Apr 2015
Posts: 6218
Given Kudos: 136
Re: Lucy invested $10,000 in a new mutual fund account exactly t
[#permalink]
10 Jun 2020, 10:25
10 Jun 2020, 10:25
Carcass wrote:
Lucy invested $10,000 in a new mutual fund account exactly three years ago. The value of the account increased by 10 percent during the first year, increased by 5 percent during the second year, and decreased by 10 percent during the third year. What is the value of the account today?
(A) $10,350
(B) $10,395
(C) $10,500
(D) $11,500
(E) $12,705
(A) $10,350
(B) $10,395
(C) $10,500
(D) $11,500
(E) $12,705
Start: $10,000
First year +10%
10% of $10,000 = $1000
So, we get $10,000 + $1000 = $11,000
Second year +5%
5% of $11,000 = $550
So, we get $11,000 + $550 = $11,550
Third year -10%
10% of $11,550 = $1,155
So, we get $11,550 - $1155 = $10,395
Answer: B
