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

It is currently 21 Aug 2014, 04:36

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

If Pat saved $600 of his earnings last month, how much did

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Expert Post
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 19036
Followers: 3360

Kudos [?]: 24445 [0], given: 2677

If Pat saved $600 of his earnings last month, how much did [#permalink] New post 30 Jul 2012, 01:23
Expert's post
00:00
A
B
C
D
E

Difficulty:

  15% (low)

Question Stats:

83% (01:37) correct 17% (00:50) wrong based on 289 sessions
If Pat saved $600 of his earnings last month, how much did Pat earn last month?

(1) Pat spent 1/2 of his earnings last month for living expenses and saved 1/3 of the remainder.
(2) Of his earnings last month, Pat paid twice as much in taxes as he saved.

Practice Questions
Question: 10
Page: 275
Difficulty: 650
[Reveal] Spoiler: OA

_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

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

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS ; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
25 extra-hard Quant Tests

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Expert Post
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 19036
Followers: 3360

Kudos [?]: 24445 [0], given: 2677

Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 30 Jul 2012, 01:23
Expert's post
SOLUTION

If Pat saved $600 of his earnings last month, how much did Pat earn last month?

Let E be Pat's earnings last month.

(1) Pat spent 1/2 of his earnings last month for living expenses and saved 1/3 of the remainder. Pat spent \frac{E}{2}, so E-\frac{E}{2}=\frac{E}{2} remained. We are told that 1/3 of that amount, or \frac{E}{6}, was saved. Since we know that Pat saved $600 of his earnings last month, then we have that \frac{E}{6}=600 --> E=3,600. Sufficient.

(2) Of his earnings last month, Pat paid twice as much in taxes as he saved. Since Pat saved $600 of his earnings last month, then he paid 2*$600=$1,200 in taxes. But this info is not sufficient to determine Pat's earnings last month.

Answer: A.
_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

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

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS ; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
25 extra-hard Quant Tests

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Manager
Manager
avatar
Joined: 28 Sep 2011
Posts: 67
Location: United States
GMAT 1: 520 Q34 V27
GMAT 2: 550 Q V
GMAT 3: 690 Q47 V38
GPA: 3.01
WE: Information Technology (Commercial Banking)
Followers: 1

Kudos [?]: 14 [0], given: 9

GMAT ToolKit User
Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 30 Jul 2012, 19:41
I'm going to go with
[Reveal] Spoiler:
A
.

He spent 1/2 of his earnings and he saved 1/3 of the remaining 1/2 --> 1/6E = 600
Intern
Intern
avatar
Joined: 26 Jun 2012
Posts: 7
Followers: 0

Kudos [?]: 0 [0], given: 3

Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 31 Jul 2012, 01:32
The question asks us to find the Pat's earnings. Let us assume the Variable E for his earnings.

Statement (1): From the Information given we can set up the equation: (1/3) (E*(1/2))= 600. E can be calculated (E= 3600). -> SUFFICIENT

Statement (2): This statement only tells us that the amount of tax he payed was twice the amount of money he saved. This information does not help us calculate Pat's earnings.-> NOT SUFFICIENT

Ans(A).
Expert Post
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 19036
Followers: 3360

Kudos [?]: 24445 [0], given: 2677

Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 03 Aug 2012, 05:24
Expert's post
SOLUTION

If Pat saved $600 of his earnings last month, how much did Pat earn last month?

Let E be Pat's earnings last month.

(1) Pat spent 1/2 of his earnings last month for living expenses and saved 1/3 of the remainder. Pat spent \frac{E}{2}, so E-\frac{E}{2}=\frac{E}{2} remained. We are told that 1/3 of that amount, or \frac{E}{6}, was saved. Since we know that Pat saved $600 of his earnings last month, then we have that \frac{E}{6}=600 --> E=3,600. Sufficient.

(2) Of his earnings last month, Pat paid twice as much in taxes as he saved. Since Pat saved $600 of his earnings last month, then he paid 2*$600=$1,200 in taxes. But this info is not sufficient to determine Pat's earnings last month.

Answer: A.
_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

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

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS ; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
25 extra-hard Quant Tests

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Manager
Manager
avatar
Joined: 14 Dec 2011
Posts: 66
Followers: 0

Kudos [?]: 10 [0], given: 66

GMAT Tests User
Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 05 Oct 2012, 03:20
Hi Bunuel,

I was just researching on this question and got your explanation. I got why (A) is correct. But I didn't understand B. I thought (B) was also the correct answer, so eventually i selected D, which was incorrect.

So, here's my reasoning for (B). I want to know where i am going wrong.

Pat saved $600, and paid $1200 for taxes. If Earnings= Taxes + Savings, then Earnings= $1800.

Were there any expenses that i could have assumed in (B) ? Because in (A), the explanation says there were expenses, so (A) is clear.

Thanks & Regards
Vinni
Expert Post
1 KUDOS received
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 19036
Followers: 3360

Kudos [?]: 24445 [1] , given: 2677

Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 05 Oct 2012, 03:30
1
This post received
KUDOS
Expert's post
vinnik wrote:
Hi Bunuel,

I was just researching on this question and got your explanation. I got why (A) is correct. But I didn't understand B. I thought (B) was also the correct answer, so eventually i selected D, which was incorrect.

So, here's my reasoning for (B). I want to know where i am going wrong.

Pat saved $600, and paid $1200 for taxes. If Earnings= Taxes + Savings, then Earnings= $1800.

Were there any expenses that i could have assumed in (B) ? Because in (A), the explanation says there were expenses, so (A) is clear.

Thanks & Regards
Vinni


(2) is not sufficient because we don't know how much of his earnings last month Pat spent for living expenses.
_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

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

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS ; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
25 extra-hard Quant Tests

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Manager
Manager
avatar
Joined: 14 Dec 2011
Posts: 66
Followers: 0

Kudos [?]: 10 [0], given: 66

GMAT Tests User
Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 05 Oct 2012, 03:49
Bunuel wrote:

(2) is not sufficient because we don't know how much of his earnings last month Pat spent for living expenses.


Thanks Bunuel. Got your point

Regards
Vinni
Manager
Manager
avatar
Joined: 14 Dec 2011
Posts: 66
Followers: 0

Kudos [?]: 10 [0], given: 66

GMAT Tests User
Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 05 Oct 2012, 05:21
Bunuel, I got your point. But one more question. As it is a DS question, we are not given anything about expenses in B. So, why there is a need to assume living expenses.

Looking forward to your reply.

Regards
Vinni
Expert Post
1 KUDOS received
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 19036
Followers: 3360

Kudos [?]: 24445 [1] , given: 2677

Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 05 Oct 2012, 05:24
1
This post received
KUDOS
Expert's post
vinnik wrote:
Bunuel, I got your point. But one more question. As it is a DS question, we are not given anything about expenses in B. So, why there is a need to assume living expenses.

Looking forward to your reply.

Regards
Vinni


It's the other way around: if you are saying that (2) is sufficient, then you are assuming that there are no living expenses at all. Plus, assuming that is against common sense and the first statement.
_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

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

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS ; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
25 extra-hard Quant Tests

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Manager
Manager
avatar
Joined: 14 Dec 2011
Posts: 66
Followers: 0

Kudos [?]: 10 [0], given: 66

GMAT Tests User
Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 05 Oct 2012, 05:47
Bunuel wrote:
It's the other way around: if you are saying that (2) is sufficient, then you are assuming that there are no living expenses at all. Plus, assuming that is against common sense and the first statement.


Hmm. okay. I got your point.
Thanks
Vinni
Intern
Intern
avatar
Joined: 15 Mar 2013
Posts: 23
Location: Canada
Concentration: International Business, Finance
WE: Information Technology (Consulting)
Followers: 0

Kudos [?]: 14 [0], given: 6

Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 30 Oct 2013, 18:59
Bunuel wrote:
SOLUTION

If Pat saved $600 of his earnings last month, how much did Pat earn last month?

Let E be Pat's earnings last month.

(1) Pat spent 1/2 of his earnings last month for living expenses and saved 1/3 of the remainder. Pat spent \frac{E}{2}, so E-\frac{E}{2}=\frac{E}{2} remained. We are told that 1/3 of that amount, or \frac{E}{6}, was saved. Since we know that Pat saved $600 of his earnings last month, then we have that \frac{E}{6}=600 --> E=3,600. Sufficient.

(2) Of his earnings last month, Pat paid twice as much in taxes as he saved. Since Pat saved $600 of his earnings last month, then he paid 2*$600=$1,200 in taxes. But this info is not sufficient to determine Pat's earnings last month.

Answer: A.



Why are we assuming that their are no other expenses per month than living expenses?

I got E simple because i told myself the following:
Expenses (per month) = Living Expenses + Utility + mortgage + Car Lease...etc
1) only gave us the living expenses (i.e.: food and beverages???)

Am I over assuming things?
Expert Post
1 KUDOS received
Math Expert
User avatar
Joined: 02 Sep 2009
Posts: 19036
Followers: 3360

Kudos [?]: 24445 [1] , given: 2677

Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 31 Oct 2013, 00:34
1
This post received
KUDOS
Expert's post
PatrickS wrote:
Bunuel wrote:
SOLUTION

If Pat saved $600 of his earnings last month, how much did Pat earn last month?

Let E be Pat's earnings last month.

(1) Pat spent 1/2 of his earnings last month for living expenses and saved 1/3 of the remainder. Pat spent \frac{E}{2}, so E-\frac{E}{2}=\frac{E}{2} remained. We are told that 1/3 of that amount, or \frac{E}{6}, was saved. Since we know that Pat saved $600 of his earnings last month, then we have that \frac{E}{6}=600 --> E=3,600. Sufficient.

(2) Of his earnings last month, Pat paid twice as much in taxes as he saved. Since Pat saved $600 of his earnings last month, then he paid 2*$600=$1,200 in taxes. But this info is not sufficient to determine Pat's earnings last month.

Answer: A.


Why are we assuming that their are no other expenses per month than living expenses?

I got E simple because i told myself the following:
Expenses (per month) = Living Expenses + Utility + mortgage + Car Lease...etc
1) only gave us the living expenses (i.e.: food and beverages???)

Am I over assuming things?


We are not assuming that. Stem says that Pat saved $600. Next, (1) says that Pat spent half of his earnings on something and saved 1/3 of the remainder (so Pat saved 1/3 of the remaining half of his earnings). This implies that 1/3*(earnings/2)=600 --> earnings=3,600.

Hope it's clear.
_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

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

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS ; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
25 extra-hard Quant Tests

Get the best GMAT Prep Resources with GMAT Club Premium Membership

Intern
Intern
avatar
Joined: 15 Mar 2013
Posts: 23
Location: Canada
Concentration: International Business, Finance
WE: Information Technology (Consulting)
Followers: 0

Kudos [?]: 14 [0], given: 6

Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 31 Oct 2013, 09:30
Thank you B, just another simple question that i over analyzed
Manager
Manager
avatar
Joined: 18 May 2014
Posts: 62
Location: United States
Concentration: General Management, Other
GMAT Date: 07-31-2014
GPA: 3.99
WE: Analyst (Consulting)
Followers: 0

Kudos [?]: 2 [0], given: 6

CAT Tests
Re: If Pat saved $600 of his earnings last month, how much did [#permalink] New post 18 May 2014, 09:54
(1) Savings = 1/3*(1-1/2)*Earnings = 600: Sufficient -> We can solve for earnings

(2) Taxes = 2*Savings = 2*600 = 1200. We are not told how taxes or savings relate to earnings: Insufficient -> There's no way to solve for earnings without a relationship.

Hence A.
Re: If Pat saved $600 of his earnings last month, how much did   [#permalink] 18 May 2014, 09:54
    Similar topics Author Replies Last post
Similar
Topics:
7 Experts publish their posts in the topic Last year Carlos saved 10 percent of his annual earnings. Th Bunuel 9 17 Feb 2014, 02:47
1 Experts publish their posts in the topic John spent 40% of his earning last month on rent and 30% musical33 3 14 Mar 2013, 03:04
Experts publish their posts in the topic How much interest will $10,000 earn in 9 months at an annual dreamworks 3 24 Nov 2011, 23:44
Experts publish their posts in the topic If Jim saved a total of $90 in three weeks, how much did he TXTDryFly 8 05 May 2010, 12:14
7 Experts publish their posts in the topic Personal: How much did you save before pursuing your MBA? dominion 34 31 Jul 2008, 22:06
Display posts from previous: Sort by

If Pat saved $600 of his earnings last month, how much did

  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®.