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# Bob invests 100 dollars in a fund that yields 15% simple int

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Manager
Joined: 20 May 2014
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Bob invests 100 dollars in a fund that yields 15% simple int [#permalink]  12 Oct 2017, 20:44
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Bob invests 100 dollars in a fund that yields 15% simple interest monthly. If Bob invests the principal in the middle of January, which is the first month will he have more than \$200 total?

(A) June

(B) July

(C) August

(D) February

(E) March

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[Reveal] Spoiler: OA
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Joined: 12 Oct 2017
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Re: Bob invests 100 dollars in a fund that yields 15% simple int [#permalink]  13 Oct 2017, 05:33
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Amount is going to be double. as it is simple interest so 15*6=90%
invested in the mid of jan so int for the month of jan is 7.5%
so by the end of july he will have 97.5% returns and in the month of august he will get 15% more

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Re: Bob invests 100 dollars in a fund that yields 15% simple int [#permalink]  13 Oct 2017, 07:00
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Bunuel wrote:
Bob invests 100 dollars in a fund that yields 15% simple interest monthly. If Bob invests the principal in the middle of January, which is the first month will he have more than \$200 total?

(A) June

(B) July

(C) August

(D) February

(E) March

Kudos for correct solution.

Here he invested \$100 in mid of January in a fund,which earn 15% interest every month

i.e Simple interest every month = \$15

Now at the end of 6th month i.e July, the fund will have = (15*6) +100 = \$90 +\$100 =\$190 (we have add \$100, because we are calculating SI)

Therefore in the Month of August he will have = 190 +15 = \$205 , hence it is more than \$200
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Re: Bob invests 100 dollars in a fund that yields 15% simple int   [#permalink] 13 Oct 2017, 07:00
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# Bob invests 100 dollars in a fund that yields 15% simple int

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