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# A gambler bought \$3,000 worth of chips at a casino in

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A gambler bought \$3,000 worth of chips at a casino in [#permalink]  25 Feb 2012, 22:23
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Question Stats:

73% (01:54) correct 26% (00:30) wrong based on 19 sessions
A gambler bought \$3,000 worth of chips at a casino in denominations of \$20 and \$100. That evening, the gambler lost 16 chips, and then cashed in the remainder. If the number of \$20 chips lost was 2 more or 2 less than the number of \$100 chips lost, what is the largest amount of money that the gambler could have received back?

\$2,040
\$2,120
\$1,960
\$1,920
\$1,400
[Reveal] Spoiler: OA

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-Aravind Chembeti

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Kudos [?]: 10137 [1] , given: 968

Re: A gambler bought \$3,000 worth of chips at a casino in [#permalink]  25 Feb 2012, 23:29
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Chembeti wrote:
A gambler bought \$3,000 worth of chips at a casino in denominations of \$20 and \$100. That evening, the gambler lost 16 chips, and then cashed in the remainder. If the number of \$20 chips lost was 2 more or 2 less than the number of \$100 chips lost, what is the largest amount of money that the gambler could have received back?

A. \$2,040
B. \$2,120
C. \$1,960
D. \$1,920
E. \$1,400

In order to maximize the amount of money that the gambler kept, we should maximize # of \$20 chips lost and minimize # of \$100 chips lost, which means that # of \$20 chips lost must be 2 more than # of \$100 chips lost.

So, if # of \$20 chips lost is x then # of \$100 chips lost should be x-2. Now, given that total # of chips lost is 16: x+x-2=16 --> x=9: 9 \$20 chips were lost and 9-2=7 \$100 chips were lost.

Total worth of chips lost is 9*20+7*100=\$880, so the gambler kept \$3,000-\$880=\$2,120.

Answer: B.
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Senior Manager
Joined: 25 Nov 2011
Posts: 261
Location: India
Concentration: Technology, General Management
GPA: 3.95
WE: Information Technology (Computer Software)
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Kudos [?]: 22 [0], given: 20

Re: A gambler bought \$3,000 worth of chips at a casino in [#permalink]  25 Feb 2012, 23:41
Bunuel wrote:
Chembeti wrote:
A gambler bought \$3,000 worth of chips at a casino in denominations of \$20 and \$100. That evening, the gambler lost 16 chips, and then cashed in the remainder. If the number of \$20 chips lost was 2 more or 2 less than the number of \$100 chips lost, what is the largest amount of money that the gambler could have received back?

A. \$2,040
B. \$2,120
C. \$1,960
D. \$1,920
E. \$1,400

In order to maximize the amount of money that the gambler kept, we should maximize # of \$20 chips lost and minimize # of \$100 chips lost, which means that # of \$20 chips lost must be 2 more than # of \$100 chips lost. So, if # of \$20 chips lost is x then # of \$100 chips lost should be x-2. Now, given that total # of chips lost is 16: x+x-2=16 --> x=9: 9 \$20 chips were lost and 9-2=7 \$100 chips lost.

Total worth of chips lost is 9*20+7*100=\$880, so the gambler kept \$3,000-\$880=\$2,120.

Answer: B.

I somehow got confused with the wordings....
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-Aravind Chembeti

GMAT Club team member
Joined: 02 Sep 2009
Posts: 12120
Followers: 1879

Kudos [?]: 10137 [0], given: 968

Re: A gambler bought \$3,000 worth of chips at a casino in [#permalink]  25 Feb 2012, 23:44
Chembeti wrote:
I somehow got confused with the wordings....

With the wording of the question or the wording of the solution? Please let me know if anything needs farther clarification.
_________________
Senior Manager
Joined: 25 Nov 2011
Posts: 261
Location: India
Concentration: Technology, General Management
GPA: 3.95
WE: Information Technology (Computer Software)
Followers: 3

Kudos [?]: 22 [0], given: 20

Re: A gambler bought \$3,000 worth of chips at a casino in [#permalink]  25 Feb 2012, 23:59
Bunuel wrote:
Chembeti wrote:
I somehow got confused with the wordings....

With the wording of the question or the wording of the solution? Please let me know if anything needs farther clarification.

Your answer is perfect. I got confused with the question.
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-Aravind Chembeti

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Joined: 24 Feb 2012
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Re: A gambler bought \$3,000 worth of chips at a casino in [#permalink]  26 Feb 2012, 00:47
Great approach to min/max questions. With @bunuel around, I guess the learning never ends...thanks.
GMAT Club team member
Joined: 02 Sep 2009
Posts: 12120
Followers: 1879

Kudos [?]: 10137 [0], given: 968

Re: A gambler bought \$3,000 worth of chips at a casino in [#permalink]  26 Feb 2012, 00:53
fortsill wrote:
Great approach to min/max questions. With @bunuel around, I guess the learning never ends...thanks.

Min/max questions are quite common on the GMAT. Check our question banks for such kind of problems to practice:

DS: search.php?search_id=tag&tag_id=42
PS: search.php?search_id=tag&tag_id=63

Hope it helps.
_________________
GMAT Club team member
Joined: 02 Sep 2009
Posts: 12120
Followers: 1879

Kudos [?]: 10137 [0], given: 968

Re: A gambler bought \$3,000 worth of chips at a casino in [#permalink]  27 May 2013, 05:48
Bumping for review and further discussion.
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Re: A gambler bought \$3,000 worth of chips at a casino in   [#permalink] 27 May 2013, 05:48
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# A gambler bought \$3,000 worth of chips at a casino in

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