Find all School-related info fast with the new School-Specific MBA Forum

It is currently 24 Oct 2014, 07:10

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

For every dollar of sales charged to a certain bank credit

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Director
Director
avatar
Joined: 23 Jun 2005
Posts: 847
GMAT 1: 740 Q48 V42
Followers: 5

Kudos [?]: 25 [0], given: 1

For every dollar of sales charged to a certain bank credit [#permalink] New post 24 Oct 2006, 13:41
00:00
A
B
C
D
E

Difficulty:

(N/A)

Question Stats:

0% (00:00) correct 0% (00:00) wrong based on 0 sessions
For every dollar of sales charged to a certain bank credit card, a department store must pay $0.003 to the bank that issued the credit card. What percentage of the department store's sales transactions last month were credit card transactions?

1. The store made 2,000 last month.
2. The store took in a total of $250,000 last month and paid $300 to the bank that issued the credit card.

Please provide explanations.
Senior Manager
Senior Manager
User avatar
Joined: 01 Sep 2006
Posts: 302
Location: Phoenix, AZ, USA
Followers: 1

Kudos [?]: 15 [0], given: 0

Answer B [#permalink] New post 24 Oct 2006, 13:56
A Insufficeint just tells total profit. No info about sales or cc

B Sufficent

3/1000$ payed to credit card for each dollar
300 paid for 1*300/(3/1000)=300,000/3=100,000

You dont need to calculate exact percent but below is calc
Percentage Sale by CC 100,000/250,000=40%
Senior Manager
Senior Manager
avatar
Joined: 13 Sep 2006
Posts: 282
Location: New York
Followers: 1

Kudos [?]: 5 [0], given: 0

 [#permalink] New post 24 Oct 2006, 14:21
One more for B

1. The store made 2,000 last month. - Insufficient as we do not know how much may be from cash or other credit cards
2. The store took in a total of $250,000 last month and paid $300 to the bank that issued the credit card. - Sufficient as $300 was the total charged by the bank. $250K = total transactions (which could include cash, other payment methods etc...).
_________________

"Never let the fear of striking out get in your wayâ€

Director
Director
avatar
Joined: 23 Jun 2005
Posts: 847
GMAT 1: 740 Q48 V42
Followers: 5

Kudos [?]: 25 [0], given: 1

 [#permalink] New post 24 Oct 2006, 20:05
OA is different, guys! Anybody else want to give a try? :wink:
Director
Director
avatar
Joined: 01 Oct 2006
Posts: 500
Followers: 1

Kudos [?]: 16 [0], given: 0

 [#permalink] New post 24 Oct 2006, 20:23
St 1 is insufficient as it gives the profit.
St2 helps us 2 find for how many transactions did company pay the bank. but we can not determine total number of sales transaction.

Combing both also is insuff

So my pick is E

What is OA?
Manager
Manager
User avatar
Joined: 31 Aug 2006
Posts: 213
Followers: 1

Kudos [?]: 2 [0], given: 0

 [#permalink] New post 25 Oct 2006, 08:02
(E)
Stat(1) - Insuff
Stat(2) - Can only tell the amount that was made from credit card transactions. If each dollar meant 1 transaction only then Stat(2) would be suff. But we are not aware of the amount included in each transaction. A single transaction could include several dollars.
Hence (E)
Senior Manager
Senior Manager
avatar
Joined: 13 Sep 2006
Posts: 282
Location: New York
Followers: 1

Kudos [?]: 5 [0], given: 0

 [#permalink] New post 25 Oct 2006, 08:07
anandsebastin wrote:
OA is different, guys! Anybody else want to give a try? :wink:


What is the OA please.

I think it should be B. But would not be surprised if it was E.

My logic:

250,000 = total transcations and 300 was amount paid to credit card companyt.

Which means there were 100,000 worth of transacations and 40% of transacations were credit card no?
_________________

"Never let the fear of striking out get in your wayâ€

Director
Director
avatar
Joined: 23 Jun 2005
Posts: 847
GMAT 1: 740 Q48 V42
Followers: 5

Kudos [?]: 25 [0], given: 1

 [#permalink] New post 25 Oct 2006, 17:49
OE is indeed E.

If you pay extra attention to the question, it asks for percent of no. of creidt card transactions as percent of total no. of transactions. There is no information on the number of transactions in either statement.

I did not. But, IMO, the question is not very clear in the first place.
  [#permalink] 25 Oct 2006, 17:49
    Similar topics Author Replies Last post
Similar
Topics:
1 Experts publish their posts in the topic For every order, a certain mail-order company charges a ship fozzzy 2 14 Mar 2013, 04:48
3 Experts publish their posts in the topic A shoe Cobbler charges n dollars PrashantPonde 12 03 Jan 2013, 00:09
20 Experts publish their posts in the topic Every day a certain bank calculates its average daily BM 21 18 Jul 2010, 09:32
2 If 1000 dollar is deposited in a certain bank account and marcodonzelli 1 28 Dec 2007, 03:56
Every day a certain bank calculates its average daily ywilfred 6 30 Mar 2005, 21:52
Display posts from previous: Sort by

For every dollar of sales charged to a certain bank credit

  Question banks Downloads My Bookmarks Reviews Important topics  


cron

GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.