UPSC Exam > UPSC Questions > Two years ago, Sam put $1,000 into a savings ...
Start Learning for Free
Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued
$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. At
the end of the two years, by what percent has Sam's account balance increased from his initial deposit of
$1,000?
$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. At
the end of the two years, by what percent has Sam's account balance increased from his initial deposit of
$1,000?
- a)19%
- b)20%
- c)21%
- d)22%
- e)25%
Correct answer is option 'C'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
Two years ago, Sam put $1,000 into a savings account. At the end of th...
Given an initial deposit of $1,000, we must figure out the ending balance to calculate the total percent change.
After the first year, Sam's account has increased by $100 to $1,100.
After the second year, Sam's account again increased by 10%, but we must take 10% of $1,100, or $110. Thus the ending balance is $1,210 ($1,100 + $110).
To calculate the percent change, we first calculate the difference between the ending balance and the initial balance: $1,210 – $1,000 = $210. We divide this difference by the initial balance of $1,000 and we get $210/$1,000 = .21 = 21%.
The correct answer is C.
Most Upvoted Answer
Two years ago, Sam put $1,000 into a savings account. At the end of th...
Problem Analysis:
The problem states that Sam put $1,000 into a savings account two years ago. At the end of the first year, his account had accrued $100 in interest, bringing his total balance to $1,100. The next year, his account balance increased by 10%. The question asks us to determine the percent by which Sam's account balance has increased from his initial deposit of $1,000.
Solution:
Let's break down the problem step by step to find the solution.
Step 1: Find the account balance at the end of the second year.
- The account balance at the end of the first year was $1,100.
- The account balance increased by 10% in the second year.
- Therefore, the account balance at the end of the second year is $1,100 + 10% of $1,100.
Step 2: Calculate the account balance at the end of the second year.
- To find 10% of $1,100, we can multiply $1,100 by 0.1.
- 10% of $1,100 = $1,100 * 0.1 = $110.
- Therefore, the account balance at the end of the second year is $1,100 + $110 = $1,210.
Step 3: Calculate the percent increase in the account balance.
- The initial deposit was $1,000.
- The account balance at the end of the second year is $1,210.
- To find the percent increase, we can use the formula: (new balance - initial balance) / initial balance * 100.
- Percent increase = ($1,210 - $1,000) / $1,000 * 100 = $210 / $1,000 * 100 = 21%.
Therefore, the percent by which Sam's account balance has increased from his initial deposit of $1,000 is 21%, which corresponds to option (c).
The problem states that Sam put $1,000 into a savings account two years ago. At the end of the first year, his account had accrued $100 in interest, bringing his total balance to $1,100. The next year, his account balance increased by 10%. The question asks us to determine the percent by which Sam's account balance has increased from his initial deposit of $1,000.
Solution:
Let's break down the problem step by step to find the solution.
Step 1: Find the account balance at the end of the second year.
- The account balance at the end of the first year was $1,100.
- The account balance increased by 10% in the second year.
- Therefore, the account balance at the end of the second year is $1,100 + 10% of $1,100.
Step 2: Calculate the account balance at the end of the second year.
- To find 10% of $1,100, we can multiply $1,100 by 0.1.
- 10% of $1,100 = $1,100 * 0.1 = $110.
- Therefore, the account balance at the end of the second year is $1,100 + $110 = $1,210.
Step 3: Calculate the percent increase in the account balance.
- The initial deposit was $1,000.
- The account balance at the end of the second year is $1,210.
- To find the percent increase, we can use the formula: (new balance - initial balance) / initial balance * 100.
- Percent increase = ($1,210 - $1,000) / $1,000 * 100 = $210 / $1,000 * 100 = 21%.
Therefore, the percent by which Sam's account balance has increased from his initial deposit of $1,000 is 21%, which corresponds to option (c).
Attention UPSC Students!
To make sure you are not studying endlessly, EduRev has designed UPSC study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in UPSC.
|
Explore Courses for UPSC exam
|
|
Similar UPSC Doubts
Top Courses for UPSCView all
Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer?
Question Description
Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer?.
Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer?.
Solutions for Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued$100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. Atthe end of the two years, by what percent has Sam's account balance increased from his initial deposit of$1,000?a)19%b)20%c)21%d)22%e)25%Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice UPSC tests.
|
|
Explore Courses for UPSC exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup