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If Pat saved $600 of his earnings last month, how much did [#permalink]
30 Jul 2012, 01:23
Expert's post
1
This post was BOOKMARKED
00:00
A
B
C
D
E
Difficulty:
5% (low)
Question Stats:
82% (01:45) correct
18% (00:58) wrong based on 634 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
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
31 Jul 2012, 01:32
1
This post received KUDOS
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
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
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. _________________
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
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. _________________
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
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.
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
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.
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
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.
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
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.
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
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.
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
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.
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
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???)
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
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.
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
03 Jun 2015, 01:46
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Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
25 Jul 2015, 11:57
1
This post was BOOKMARKED
I am sorry to "reactivate" this old post, but I believe I am assuming things and I really shouldn't be:
On Statement 2: I assumed that Taxes (T) were his total expenses, so out of his Earnings (E), he would have Saved (S) $ 600. Since the T = 2S = 2.$600 = $ 1,200, with that in mind E - T = S, then E = S + T, then E = $600 + $ 1,200 = $ 1,800.
I believe I should NOT assume that Taxes are his total Expenses on Statement 2 since, it does not mention that ?
Re: If Pat saved $600 of his earnings last month, how much did [#permalink]
25 Jul 2015, 13:40
cfpenteado wrote:
I am sorry to "reactivate" this old post, but I believe I am assuming things and I really shouldn't be:
On Statement 2: I assumed that Taxes (T) were his total expenses, so out of his Earnings (E), he would have Saved (S) $ 600. Since the T = 2S = 2.$600 = $ 1,200, with that in mind E - T = S, then E = S + T, then E = $600 + $ 1,200 = $ 1,800.
I believe I should NOT assume that Taxes are his total Expenses on Statement 2 since, it does not mention that ?
Yes, exactly . Statement 2 does not provide you any information about living exp or any other expenses apart from the taxes. Statement 1 is straightforward as we dont have to worry about the actual division of his "expenditures".
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