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

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Bob invests 100 dollars in a fund that yields 15% simple int [#permalink] New post 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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Re: Bob invests 100 dollars in a fund that yields 15% simple int [#permalink] New post 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

so the answer is august
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Re: Bob invests 100 dollars in a fund that yields 15% simple int [#permalink] New post 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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