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Larry saves x dollars per month. Will Larry s total savings

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Director
Joined: 15 Aug 2005
Posts: 804
Location: Singapore
Followers: 2

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Larry saves x dollars per month. Will Larry s total savings [#permalink]  05 Oct 2005, 02:11
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Larry saves x dollars per month. Will LarryÂ¡Â¯s total savings one year from now exceed his present savings by at least $500 ? (Assume that there is no interest.) (1) In 6 months Larry's total savings will be$900.
(2) In 3 months Larry's total savings will exceed his present savings by $150. _________________ Cheers, Rahul. Senior Manager Joined: 22 Jun 2005 Posts: 364 Location: London Followers: 1 Kudos [?]: 4 [0], given: 0 [#permalink] 05 Oct 2005, 02:45 My choice is B. 1, insufficient. We only know the total savings, not how much he saves each month. 2. he's saved 150 during 3 months, i.e 50 a month. so he will be saving 12*50=600 in a year. Sufficient Director Joined: 15 Aug 2005 Posts: 804 Location: Singapore Followers: 2 Kudos [?]: 17 [0], given: 0 [#permalink] 05 Oct 2005, 02:55 macca wrote: 2. he's saved 150 during 3 months, i.e 50 a month. so he will be saving 12*50=600 in a year. Sufficient But then by the same logic, cant we say, he's saved 900 during 6 months, i.e 150 a month. so he will be saving 12*150 in a year? _________________ Cheers, Rahul. Senior Manager Joined: 22 Jun 2005 Posts: 364 Location: London Followers: 1 Kudos [?]: 4 [0], given: 0 [#permalink] 05 Oct 2005, 03:43 rahulraao wrote: macca wrote: 2. he's saved 150 during 3 months, i.e 50 a month. so he will be saving 12*50=600 in a year. Sufficient But then by the same logic, cant we say, he's saved 900 during 6 months, i.e 150 a month. so he will be saving 12*150 in a year? Rahulraao, I'm afraid not. Statement 1 tells you how Larry's total savings were after 6 months. We don't know how much he has saved. Let's say he had 200 in his saving account before starting saving x dolla/month. So, in that case he has saved 400 dollars during 6 months. Let's say he had 500 before he started saving. That means he saved 100 dollars. The tricky thing might be the word total saving which includes the saving he had before starting saving plus the amount he actually saved. In statement 2, we know that he saved 150 dollars cause that's the amount which exceeds his original savings. I hope this helps. Director Joined: 15 Aug 2005 Posts: 804 Location: Singapore Followers: 2 Kudos [?]: 17 [0], given: 0 [#permalink] 05 Oct 2005, 04:58 Thanks a ton macca. You bet it helps! I really missed out that 'total savings' trap! _________________ Cheers, Rahul. Manager Joined: 28 Jun 2005 Posts: 66 Location: New York, NY Followers: 1 Kudos [?]: 2 [0], given: 0 [#permalink] 05 Oct 2005, 07:39 B for me! Y= Larry's total savings at time 0 after one year: 12X > 500 + Y (1) 6X + Y = 900 though this tells you that he's saved$900, it gives you no clue how much Larry started with. insufficient

(2) 3X = Y + 150
since we want to know whether 12X > 500 + Y, I multiplied both sides of the eq'n by 4 to get 12X = Y + 600. from this I gathered that no matter what Y is, the savings after a year will be at least $600 greater... Last edited by MsStephanie on 06 Oct 2005, 17:19, edited 1 time in total. Intern Joined: 25 Jun 2005 Posts: 23 Location: Bay Area, CA Followers: 0 Kudos [?]: 0 [0], given: 0 [#permalink] 06 Oct 2005, 16:47 MsStephanie wrote: B for me! Y= Larry's total savings at time 0 after one year: 12X > 500 + Y (1) 6X = 900 though this tells you that he's saved$900, it gives you no clue how much Larry started with. insufficient

Ok, I think I am not getting something here.
If 6x = 900 => 12x = 1800.

So Larry will have saved 1800 more than what he has now. We dont care what he started with. We want to know if he will have 500 more.
His savings are \$1800 in 12 months, so sufficient. No?
_________________

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Manager
Joined: 28 Jun 2005
Posts: 66
Location: New York, NY
Followers: 1

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

Sorry about that. I just edited my post. For certain problems I create equations for myself to help explain what's going on. It should have been

6X + Y = 900, where Y is Larry's savings at time 0

so when you multiply by 2..

12X + Y = 1800

from this you cannot tell whether or not Larry has increased his savings by at least 500

is that better?
Senior Manager
Joined: 14 Apr 2005
Posts: 419
Location: India, Chennai
Followers: 1

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

Thanks Macca, till I read your post I thought it was D. I agree it should be B.
GMAT Club Legend
Joined: 07 Jul 2004
Posts: 5078
Location: Singapore
Followers: 22

Kudos [?]: 183 [0], given: 0

Assuming Larry's present savings = y
Then his total savings in n months will be nx+y.

We want to know if (12x+y) - y > 500 ==> 12x > 500

From (1), we know 6x + y = 900. But we have no means to find out x and therefore we can't solve. Statement 1 is not sufficient.

From (2), we know 3x+y - y > 150 ==> 3x > 150 ==> 12x > 600. So we can answer the question. Statement 2 is sufficienet.

Ans: B
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Larry saves x dollars per month. Will Larry s total savings

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