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Shelley invested $10,000 in a mutual fund account exactly three years
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30 Sep 2021, 02:44
30 Sep 2021, 02:44
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Shelley invested $10,000 in a mutual fund account exactly three years ago. The value of the account increased by 20 percent during the first year, decreased by 5 percent the second year, and increased by 10 percent in the third year. What is the value of the account today?
(A) $12,700
(B) $12,630
(C) $12,540
(D) $12,500
(E) $12,450
(A) $12,700
(B) $12,630
(C) $12,540
(D) $12,500
(E) $12,450
Re: Shelley invested $10,000 in a mutual fund account exactly three years
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30 Sep 2021, 09:28
30 Sep 2021, 09:28
1
Carcass wrote:
Shelley invested $10,000 in a mutual fund account exactly three years ago. The value of the account increased by 20 percent during the first year, decreased by 5 percent the second year, and increased by 10 percent in the third year. What is the value of the account today?
(A) $12,700
(B) $12,630
(C) $12,540
(D) $12,500
(E) $12,450
(A) $12,700
(B) $12,630
(C) $12,540
(D) $12,500
(E) $12,450
First year change is 20% increase , so $10,000 * 1.2
Second year is 5% decrease, so $10,000 * 1.2 * 0.95
Third year is 10% increase, so $10,000 * 1.2 * 0.95 * 1.1
final = $12,540
gmatclubot
Re: Shelley invested $10,000 in a mutual fund account exactly three years [#permalink]
30 Sep 2021, 09:28
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