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The value of $1,000 after earning simple interest
[#permalink]
19 Dec 2022, 06:15
19 Dec 2022, 06:15
Expert Reply
00:00
Question Stats:
83% (01:20) correct
16% (00:20) wrong based on 6 sessions
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Quantity A |
Quantity B |
The value of $1,000 after earning simple interest at 20% for 5 years |
The value of $1,000 after earning compound interest at 2 0 % for 4 years, compounded annually |
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.
_________________
Re: The value of $1,000 after earning simple interest
[#permalink]
29 Dec 2022, 10:55
29 Dec 2022, 10:55
1
SIMPLE INTEREST= 20% of 1000=200
200*5(years)=1000
now add 1000+1000=2000
COMPOUNDED= 20% of 1000=200
1000*1.20^4=2073
QB
200*5(years)=1000
now add 1000+1000=2000
COMPOUNDED= 20% of 1000=200
1000*1.20^4=2073
QB
gmatclubot
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