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To the nearest dollar, how much money needs to be invested

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To the nearest dollar, how much money needs to be invested [#permalink] New post 30 Jul 2017, 08:22
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Question Stats:

46% (02:02) correct 53% (02:03) wrong based on 13 sessions


To the nearest dollar, how much money needs to be invested in an account that earns 8 % interest, compounded quarterly, in order to have $12,000 at the end of 3 years?

(A) $9,462

(B) $9,326

(C) $9,677

(D) $9,804

(E) $11,308
[Reveal] Spoiler: OA

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Re: To the nearest dollar, how much money needs to be invested [#permalink] New post 05 Feb 2018, 05:54
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Let the principal amount is P. In here we have used the multiplier concept for compounding quarterly.
So, 12000=p(1+8%/4)^(3*4) or, p ~ 9500
So A is the answer.
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Re: To the nearest dollar, how much money needs to be invested [#permalink] New post 25 Feb 2018, 03:06
Shouldn't we need a scientific calculator for this question? I know that the equation would be 12,000 = P * (1 + 0.08/4)^ ((3*4)).
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Re: To the nearest dollar, how much money needs to be invested [#permalink] New post 26 Feb 2018, 13:02
Expert's post
The GRE questions posed during the test are conceived to be solved in a certain amount of time and usually without calculator.

Nonetheless, you do have during your official exam.

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Re: To the nearest dollar, how much money needs to be invested [#permalink] New post 05 Mar 2018, 07:25
YMAkib wrote:
Let the principal amount is P. In here we have used the multiplier concept for compounding quarterly.
So, 12000=p(1+8%/4)^(3*4) or, p ~ 9500
So A is the answer.

you did not turn 8/4 into percent form, it's 8/4/100
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Re: To the nearest dollar, how much money needs to be invested   [#permalink] 05 Mar 2018, 07:25
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