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Jack has €80 in denominations of €1, €2 and €5. He went to

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Jack has €80 in denominations of €1, €2 and €5. He went to [#permalink] New post 13 Mar 2012, 09:53
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56% (03:32) correct 44% (02:27) wrong based on 57 sessions
Jack has €80 in denominations of €1, €2 and €5. He went to a fare, where he played a shooting game. He paid €1 for each attempt and won a € 2 coin for each successful shot. The amount he won is 2/3 times more than what he spent. If at any point of time he had at least 20% of the amount with him in the denominations of €1, then find the least possible number of €1 coins he had initially.
(a) 16
(b) 23
(c) 25
(d) 30

The answer if supposed to be 23, but I couldnt solve it. Also I believe the answer choices may be wrong (it happened in many questions) so dont rely on the answers given.
[Reveal] Spoiler: OA
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Re: Coin denomination [#permalink] New post 13 Mar 2012, 20:12
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The answer is B, 23. If 20% of his money is denominated in $1s, then the minimum of $80 in $1s is $16. However, if he plays even just one game, he won't have the minimum of $1s (he'd have $15 in $1s). So the next largest answer choice is 23. If he had $23 in $1s, he could hypothetically play 6 times and win 5 times. That means he'd have spent $6 to play and would've won $10 (2/3 more than 6), which is a net of $4 (gain).

If he did spend $6 to play, he would've ended up with $17 in $1s, which is still more than the necessary 20% of $84 ($16.80). So again, answer choice B, 23.
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Re: Jack has €80 in denominations of €1, €2 and €5. He went to [#permalink] New post 08 Feb 2014, 07:13
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Re: Jack has €80 in denominations of €1, €2 and €5. He went to   [#permalink] 08 Feb 2014, 07:13
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