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Rhonda invested $25,000 in a mutual fund account exactly three years a
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24 Sep 2021, 00:03
24 Sep 2021, 00:03
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Question Stats:
97% (01:00) correct
2% (01:14) wrong based on 34 sessions
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Rhonda invested $25,000 in a mutual fund account exactly three years ago. The value of the account increased by 20 percent during the first year and decreased 10 percent during each of the next two years. What is the value of the account today?
(A) $25,750
(B) $25,700
(C) $25,000
(D) $24,300
(E) $24,250
(A) $25,750
(B) $25,700
(C) $25,000
(D) $24,300
(E) $24,250
Re: Rhonda invested $25,000 in a mutual fund account exactly three years a
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24 Sep 2021, 00:21
24 Sep 2021, 00:21
1
It is great to use multipliers in this kind of question.
\(20\)% increase - multiplier \(1.20\)
\(10\)% decrease - multiplier \(0.90\)
Now for the first year increased by \(20\)% and then for next two years decreased by \(10\)%
Current amount \(= 25000 * 1.20 * 0.90 * 0.90 = 24300\)
Answer D
\(20\)% increase - multiplier \(1.20\)
\(10\)% decrease - multiplier \(0.90\)
Now for the first year increased by \(20\)% and then for next two years decreased by \(10\)%
Current amount \(= 25000 * 1.20 * 0.90 * 0.90 = 24300\)
Answer D
gmatclubot
Re: Rhonda invested $25,000 in a mutual fund account exactly three years a [#permalink]
24 Sep 2021, 00:21
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