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Beginning in January of last year, Carl made deposits of $12 [#permalink]

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26 Oct 2009, 06:34

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Question Stats:

68% (02:53) correct
32% (02:02) wrong based on 99 sessions

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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

Below is the question from OG, a real tough one. I am totally clueless on this one. Please help me out. Thanks in advance

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

To find the range we should know: A. Balance before he started depositing, initial balance = x (we know that there was initial balance because for may balance was 2600 and maximum amount he could deposited for this period is: 5 months*120=600). B. Till what month he deposited $120. C. From which month he started withdrawing $50.

(1) April balance< 2625 --> he deposited in May (Because if he didn't then April balance=2600+50=2650 and we know that in April balance was<2625). So for may balance=2600=x(initial balance)+5months*120 --> x+600=2600 --> x=2000. We know initial balance, but we still don't know: till what month he deposited $120 and from which month he started withdrawing $50 Not sufficient

(2) June balance < 2675 --> he didn't deposited in June --> he withdrawed in June (if he deposited, in June deposit would be May balance 2600+120=2720>2675) Not sufficient

(1)+(2) we know: Initial balance: x=2000 Till what month he deposited $120: till May From which month he started withdrawing $50: from June Sufficient C.
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Re: A very tough, above 750 level-real question [#permalink]

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28 Oct 2009, 02:28

IMO, this is not a very tough 750 lvl question. Bunuel showed the elaborate way of solving the problem. Since it is a DS question, you actually do not need to calculate that much either. From 1) We know that Carl deposited money in May (and thus in the previous months). However, we do not know how long he continued depositing. From 2) We know that he withdrew money in June, but it does not say from when he started withdrawing. Combining both, by subtracting 120 for each previous months from May and also subtracting 50 for the coming months we will get figures. From there we can find the range.

Re: A very tough, above 750 level-real question [#permalink]

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28 Oct 2009, 21:26

I remember this Q from OG as well and think it is a tough one. Gave it up half way (after spending ~5 mins). Looks simple with Bunuel's explanation, but still I'm not sure if I'd be able to handle such a wordy problem in test conditions

Re: A very tough, above 750 level-real question [#permalink]

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29 Oct 2009, 01:44

statement 1: ========== tells about the closing balance in April .Since May was higher than April,he must have deposited 120 in May.But no info about after May.Nt suff

statement 2: ========== Since June is less than May,he must have withdrawn in June.No info about months prior to May. Nt suff

combining both we get to know that he stopped the deposit in May and started the withdrawal in June.

I am having difficulty understanding this problem. Can someone help provide clarity for me. Thanks

161. 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.

Re: A very tough, above 750 level-real question [#permalink]

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25 Feb 2011, 23:40

From (1), if in April, (P + Deposit - Withdrawl) < 2625, and in May it was 2600, then there could have been only deposit till May as during withdrawl in May the total amount would be < 2600 (even for Max amount 2624.99)

Now, from (2) , For June < 2675, so there can be only withdrawl, no deposit as 2600 + 120 = 2720 > 2675 Not sufficient again. Hence, from June onwards only withdrawl and initial deposit is known, so answer is C
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Re: A very tough, above 750 level-real question [#permalink]

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06 Jul 2011, 01:54

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you have to find the range- if you know all months' closing balances you can find the range We know that balance at may end is 2600. now, on 15th may either a +120 happened or a -50 happened. That is at april end balance can be 2480 or 2650 april balance is told as less than 2625 -- cant be 2650 -- so a -50 didnt happen-- a +120 happened--for all preceding months =120 would have happened-- so all preceding months balance can be known- Statement 1 tells us balance from month of jan to may, but doesnt tell us anything about jun to dec- not sufficient to find range Now, if may end was 2600, on june 15 either a +120 or a -50 will happen. June balance at clsoing will be 2720 or 2550 Statement 2 says it was less than 2675. so it is not 2720, has to be 2550. that is a -50 happened in june. Now that -50 has started to happen, it will keep happening till end of dec. so by subtracting -50 repeatedly, we can find closing balance fro months of jun to dec. range can be found if both statements are used together hence C

Re: Beginning in January of last year, Carl made deposits of $12 [#permalink]

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04 Feb 2014, 21:29

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Re: Beginning in January of last year, Carl made deposits of $12 [#permalink]

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23 Apr 2015, 02:49

Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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