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Beginning in January of last year, Carl made deposits of

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Beginning in January of last year, Carl made deposits of [#permalink] New post 22 Jan 2012, 01:28
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Beginning in January of last year, Carl made deposits of $120 into his account on the 15th of each month for several consecutive months and then made withdrawals of $50 from the account on the 15th of each of the remaining months of last year. There were no other transactions in the account last year. If the closing balance of Carl's account for May of last year was $2,600, what was the range of the monthly closing balances of Carl's account last year?

(1) Last year the closing balance of Carl's account for April was less than $2,625.
(2) Last year the closing balance of Carl's account for June was less than $2,675.
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Last edited by Bunuel on 28 Jul 2012, 00:47, edited 3 times in total.
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Re: Tough OG12 DS#161 [#permalink] New post 22 Jan 2012, 02:23
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kotela wrote:
Beginning in January of last year, Carl made deposits of $120 into his account on the 15th of each month for several consecutive months and then made withdrawals of $50 from the account on the 15th of each of the remaining months of last year. There were no other transactions in the account last year. If the closing balance of Carl's account for May of last year was $2,600, what was the range of the monthly closing balances of Carl's account last year?

(1) Last year the closing balance of Carl's account for April was less than $2,625.
(2) Last year the closing balance of Carl's account for June was less than $2,675.

Can anyone please help in solving this problem...??


To find the range we should know:
A. Balance before he started depositing, initial balance - we know that there was initial balance because for may balance was 2600 and maximum amount he could deposited for this period (from January till May) is: 5 months*120=600;
B. In which month Carl stopped depositing $120 and started withdrawing $50.

We have:
APRIL___MAY__JUNE
---?----$2,600----?---


(1) April balance < 2625 --> he deposited in May;

Because if he didn't then April balance would have been $2,600+50=$,2650 and we know that in April balance was<2625:
APRIL____MAY__JUNE
2,480----$2,600----?---


Notice that we can find the initial balance based on this info: $2,600=x(initial balance)+5months*120 --> x+600=2600 --> x=2000.

Though this statement is still insufficient as we still don't know in which month Carl stopped depositing and started withdrawing.

(2) June balance < 2675 --> he didn't deposited in June --> he withdrew in June.

Because if he deposited, then in June deposit would have been May balance +$120: $2,600+$120=$2,720>$2,675.
APRIL___MAY____JUNE
---?----$2,600---$2,550---

But again this statement is still insufficient as we still don't know when he started withdrawing, all we know it was not after June.

(1)+(2) We know that initial balance was $2,000 and that Carl deposited in May and started withdrawing in June:
APRIL_____MAY____JUNE
$2,480----$2,600---$2,550---


Thus we can find the range. Sufficient.

Answer: C.
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Re: Beginning in January of last year, Carl made deposits of [#permalink] New post 23 Jan 2012, 10:50
Fairly tough question. I just guessed C once 2:30 hit on the timer. Luckily I got it right but it was an educated guess after following a similar approach as the user above me. I sometimes lose sight of strategy when faced with problem solving DS questions and think I always need some type of formula or chart when a picture/timeline is sufficient enough to answer the Q. Need to work on this better.
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Re: Beginning in January of last year, Carl made deposits of [#permalink] New post 23 Jan 2012, 12:19
AzWildcat1 wrote:
Fairly tough question. I just guessed C once 2:30 hit on the timer. Luckily I got it right but it was an educated guess after following a similar approach as the user above me. I sometimes lose sight of strategy when faced with problem solving DS questions and think I always need some type of formula or chart when a picture/timeline is sufficient enough to answer the Q. Need to work on this better.


I'm new to test-taking strategies and was curious about your post.

Is it widely considered good strategy to limit each DS question to 2:30 ?
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Re: Beginning in January of last year, Carl made deposits of [#permalink] New post 23 Jan 2012, 13:30
OjilEye wrote:
AzWildcat1 wrote:
Fairly tough question. I just guessed C once 2:30 hit on the timer. Luckily I got it right but it was an educated guess after following a similar approach as the user above me. I sometimes lose sight of strategy when faced with problem solving DS questions and think I always need some type of formula or chart when a picture/timeline is sufficient enough to answer the Q. Need to work on this better.


I'm new to test-taking strategies and was curious about your post.

Is it widely considered good strategy to limit each DS question to 2:30 ?


Well you don't want to spend too much time on one problem, so after grinding out the math for this problem I was able to reach the conclusion of C but was rather an educated guess than a certified answer.
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Re: Beginning in January of last year, Carl made deposits of [#permalink] New post 25 Jan 2012, 09:23
Well done, Bunuel
C
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Arithmetic Statistics [#permalink] New post 05 Jun 2012, 14:32
Beginning of January last year, Carl made deposits of $120 into his account on the 15th of each month for several consequtive months and then made withdrawals of $50 from the account on the 15th of each of the remaining months of that year. There were no other transactions in the account last year. If the closing balance of Carl's account for may of last year was $2600, what was the range of the monthly closing balances of Carl's account last year?

1)Last year the closing balance of Carl's account for April was less that $2,625
2)Last year the closing balance of Carl's account for June was less that $2,675
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Re: Arithmetic Statistics [#permalink] New post 06 Jun 2012, 15:49
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Here's my shot: The given info is this: Carl's $ increased 120 for x months, then his $ decreased by 50 for 12-x months. In May, his $(May) = 2600.

So what other information do we need to determine the range? One way of calculating the range would be to know the $ in every month which would require knowing only one more piece of information: what month did Carl switch from from depositing to withdrawing?

Scenario 1)

$(April) < 2625
$(May) = 2600

This scenario tells us that Carl definitely deposited money in May, but we don't know if he continued to deposit. Insufficient.

[strike]AD[/strike]
BCE

Scenario 2)

$(May) = 2600
$(June) < 2675

This scenario tells us that Carl withdrew money in June, but we don't know when he started withdrawing money. Insufficient.

Scenario 1+2)

Obviously the two are sufficient together. We know when he switched from depositing to withdrawing. Seeing as how that's all we need to know to then go the long roundabout way of calculating the range, the answer is C.
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Re: Arithmetic Statistics [#permalink] New post 06 Jun 2012, 16:13
Thanks a lot - the wording of the question threw me off a bit - I wasn't sure how to calculate "the range" of account balances!
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Re: Arithmetic Statistics [#permalink] New post 07 Jun 2012, 16:35
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Val1986 wrote:
Beginning of January last year, Carl made deposits of $120 into his account on the 15th of each month for several consequtive months and then made withdrawals of $50 from the account on the 15th of each of the remaining months of that year. There were no other transactions in the account last year. If the closing balance of Carl's account for may of last year was $2600, what was the range of the monthly closing balances of Carl's account last year?

1)Last year the closing balance of Carl's account for April was less that $2,625
2)Last year the closing balance of Carl's account for June was less that $2,675


Merging similar topics. Please ask if anything remains unclear.
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Re: Beginning in January of last year, Carl made deposits of [#permalink] New post 28 Aug 2012, 12:17
Thanks for the explanation!
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Re: Beginning in January of last year, Carl made deposits of [#permalink] New post 01 Dec 2012, 08:45
Hi,
Should'nt the answer be B. I may be wrong but we already know that $2600 was the closing balance for May, therefore, opening Balance $2000 + (120*5) = $2600, had he withdrawn in May it would not be possible to have a closing balance of $2600. Basis this and the information in Statement B we can confirm he did not start withdrawing mooney from the account before the month of June.
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Re: Beginning in January of last year, Carl made deposits of [#permalink] New post 02 Dec 2012, 04:23
Expert's post
rahulmrsingh wrote:
Hi,
Should'nt the answer be B. I may be wrong but we already know that $2600 was the closing balance for May, therefore, opening Balance $2000 + (120*5) = $2600, had he withdrawn in May it would not be possible to have a closing balance of $2600. Basis this and the information in Statement B we can confirm he did not start withdrawing mooney from the account before the month of June.


To find the range we should know:
A. Balance before he started depositing, initial balance - we know that there was initial balance because for may balance was 2600 and maximum amount he could deposited for this period (from January till May) is: 5 months*120=600;
B. In which month Carl stopped depositing $120 and started withdrawing $50.

We have:
APRIL___MAY__JUNE
---?----$2,600----?---


(2) June balance < 2675 --> he didn't deposited in June --> he withdrew in June.

Because if he deposited, then in June deposit would have been May balance +$120: $2,600+$120=$2,720>$2,675.
APRIL___MAY____JUNE
---?----$2,600---$2,550---

But again this statement is still insufficient as we still don't know when he started withdrawing, all we know it was not after June.

Hope it's clear.
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COLLECTION OF QUESTIONS:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

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Re: Beginning in January of last year, Carl made deposits of [#permalink] New post 01 May 2014, 10:49
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Re: Beginning in January of last year, Carl made deposits of   [#permalink] 01 May 2014, 10:49
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