GMAT Quantitative Reasoning Practice Test 2

Question : 60 of 100

Marks: +1, -0

Dana borrows 5500 pounds annually for her college education. If Dana gives her parents 3% of that amount back each month, how much will she still owe her parents after four years of college?

$12,430$
$13,640$
$14,000$
$14,080$
$15,020$

Validate

Solution:

Dana takes 5500 each year and returns

0.03 × 5500=165

each month, which is

165 × 12=1980

each passing year. That means that each year Dana owes her parents

5500-1980=3520

pounds.
After 4 years in college she will owe them

4 × 3520=14,080

pounds.

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