Ann deposited $3000 in her bank account at the beginning of the year. Determine the amount the funds accumulated to.1. The bank offered 4.3% interest rate.2. The amount was deposited for a period of 5 years.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question askd)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'E'. Can you explain this answer?

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GMAT Exam > GMAT Questions > Ann deposited $3000 in her bank account at th...

a)
Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.
b)
Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.
c)
BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question ask
d)
EACH statement ALONE is sufficient to answer the question asked.
e)
Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.

Correct answer is option 'E'. Can you explain this answer?

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Ann deposited $3000 in her bank account at the beginning of the year. ...

Deposit (P) = 3000.
Accumulated amount = P + (1 + R/100)n where the variables have their usual meaning for compound interest and
Accumulated amount = P + (P × r/100 × n) where the variables have their usual meaning for simple interest.
In statement 1, r = 4.3 and P = 3000 but we are not given the value of n, hence we cannot find the accumulated amount. Further more, the statement does not give more information about the kind of interest offered, hence, it is not sufficient.
In statement 2, n = 5 and P = 3000 but we are not given the value of r, hence we cannot find the accumulated amount. Furthermore, the statement does not give more information about the kind of interest offered, hence, it is not sufficient.
Combining the two statements, P = 3000, r = 4.5 and n = 5 but, the details given are not sufficient since no specific type on interest is disclosed, therefore, we cannot apply the compound or simple interest formula with accuracy. Thus Statements (1) and (2) TOGETHER are NOT sufficient.

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Most Upvoted Answer

Ann deposited $3000 in her bank account at the beginning of the year. ...

Statement (1): The bank offered a 4.3% interest rate.

This statement alone is not sufficient to determine the amount the funds accumulated to. We need to know the time period for which the funds were deposited in the bank to calculate the total amount.

Statement (2): The amount was deposited for a period of 5 years.

This statement alone is not sufficient to determine the amount the funds accumulated to. We need to know the interest rate at which the funds were deposited in the bank to calculate the total amount.

Combined statements (1) and (2):

To calculate the amount the funds accumulated to, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A = the amount accumulated
P = the principal amount (initial deposit)
r = the interest rate (in decimal form)
n = the number of times interest is compounded per year
t = the number of years

In this case, we know that the principal amount (P) is $3000 and the time period (t) is 5 years. However, we still don't know the interest rate (r) or the compounding frequency (n). Therefore, the combined statements (1) and (2) are not sufficient to determine the amount the funds accumulated to.

Conclusion:

Neither statement (1) nor statement (2) alone is sufficient to answer the question. Combining the two statements also does not provide enough information to calculate the amount the funds accumulated to. Therefore, the correct answer is option E: Statements (1) and (2) together are not sufficient to answer the question, and additional data specific to the problem are needed.

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Ann deposited $3000 in her bank account at the beginning of the year. Determine the amount the funds accumulated to.1. The bank offered 4.3% interest rate.2. The amount was deposited for a period of 5 years.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question askd)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'E'. Can you explain this answer?

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Ann deposited $3000 in her bank account at the beginning of the year. Determine the amount the funds accumulated to.1. The bank offered 4.3% interest rate.2. The amount was deposited for a period of 5 years.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question askd)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'E'. Can you explain this answer? for GMAT 2025 is part of GMAT preparation. The Question and answers have been prepared according to the GMAT exam syllabus. Information about Ann deposited $3000 in her bank account at the beginning of the year. Determine the amount the funds accumulated to.1. The bank offered 4.3% interest rate.2. The amount was deposited for a period of 5 years.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question askd)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'E'. Can you explain this answer? covers all topics & solutions for GMAT 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ann deposited $3000 in her bank account at the beginning of the year. Determine the amount the funds accumulated to.1. The bank offered 4.3% interest rate.2. The amount was deposited for a period of 5 years.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question askd)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'E'. Can you explain this answer?.

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