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Exam GMAT Test topic 1 question 2 discussion

Actual exam question from Test Prep's GMAT Test
Question #: 2
Topic #: 1
[All GMAT Test Questions]

An investment yields an interest payment of $228 each month. If the simple annual interest rate is 9%, what is the amount of the investment?

  • A. $28,300
  • B. $30,400
  • C. $31,300
  • D. $32,500
  • E. $35,100
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Suggested Answer: B 🗳️
Principal ֳ— percent interest ֳ— time = interest earned
Principal ֳ— (0.09) ֳ— 1/12 = $228.
Solve to find the principal (228 ֳ— 12) / 0.09= $30,400.
by Amine1 at April 23, 2023, 6:15 p.m.

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Amine1
1 month, 4 weeks ago
Selected Answer: B
An investment yields an interest payment of $228 each month. If the simple annual interest rate is 9%, what is the amount of the investment? Principle (0.09) 1/12 = $228. Solve to find the principal (228 12)/0.09= $30,400.
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