Source: Official Guide for GMAT Review 2016 Data Sufficiency ; #64

1

From May 1 to May 30 in the

From May 1 to May 30 in the same year, the balance in a checking account increased. What was the balance in the checking account on May 30?

1 Explanation

1

Danny Watts Jr

It would be helpful to use the compound interest formula for this: A = P(1+n/r)^(nt). We want to solve for A.

1: Writing this out as a formula makes it look like it's solvable: 504 = P(1+.12)^1. However, this statement is a hypothetical. We aren't given the actual interest rate needed to solve this problem. We are given the initial principal amount ($450), though, which can be useful for later. NOT SUFFICIENT
2: NOT SUFFICIENT since it doesn't give us any actual amounts.
Combined: We know the principal amount ($450) and the rate increase (8% or 1.08), so we can solve for the answer. Answer = C.

Nov 25, 2017 • Comment

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Official GMAT Material

Official Guide for GMAT Review 2016

Official Guide for the GMAT 2015 14th Ed.

Official Guide for the GMAT 13th Ed.

Official Guide for the GMAT 12th Ed.

Revised GRE PDF 2nd Ed.


Section 6.3 Data Sufficiency

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