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Last year if 97 percent of the revenues of a company came fr

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Last year if 97 percent of the revenues of a company came fr [#permalink] New post 19 Jan 2014, 22:52
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Question Stats:

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The Official Guide For GMAT® Quantitative Review, 2ND Edition

Last year if 97 percent of the revenues of a company came from domestic sources and the remaining revenues, totaling $450,000, came from foreign sources, what was the total of the company's revenues?

(A) $ 1,350,000
(B) $ 1,500,000
(C) $ 4,500,000
(D) $ 15,000,000
(E) $150,000,000

Problem Solving
Question: 49
Category: Arithmetic Percents
Page: 68
Difficulty: 600


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Re: Last year if 97 percent of the revenues of a company came fr [#permalink] New post 19 Jan 2014, 22:52
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SOLUTION

Last year if 97 percent of the revenues of a company came from domestic sources and the remaining revenues, totaling $450,000, came from foreign sources, what was the total of the company's revenues?

(A) $ 1,350,000
(B) $ 1,500,000
(C) $ 4,500,000
(D) $ 15,000,000
(E) $150,000,000

If 97 percent of the revenues came from domestic sources, then the remaining 3 percent came from foreign sources.

Thus we have that 0.03*{total revenue} = 450,000 --> {total revenue} = 15,000,000.

Answer: D.
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Re: Last year if 97 percent of the revenues of a company came fr [#permalink] New post 20 Jan 2014, 04:12
3% of the Revenue = $450,000

\frac{3}{100}*R = 450000

Thus R = 15,000,000
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Re: Last year if 97 percent of the revenues of a company came fr [#permalink] New post 20 Jan 2014, 04:16
450,000 / 0.03 = 15,000,000. Answer is (D).
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Re: Last year if 97 percent of the revenues of a company came fr [#permalink] New post 20 Jan 2014, 05:17
Bunuel wrote:
The Official Guide For GMAT® Quantitative Review, 2ND Edition

Last year if 97 percent of the revenues of a company came from domestic sources and the remaining revenues, totaling $450,000, came from foreign sources, what was the total of the company's revenues?

(A) $ 1,350,000
(B) $ 1,500,000
(C) $ 4,500,000
(D) $ 15,000,000
(E) $150,000,000



Concept to Note: - A whole part is represented by 1 or 1/1 in fractions and 100% when it comes to percentages.

Keeping the above concept about percentages in mind if 97% of revenues of the company came from domestic sources, the remaining sources of revenue would account for 100%-97% = 3%.

we know that 3% of total revenue is 450,00. We need to find what the total revenue is or what 100 percent is!

Let us assume our Revenue is R. Algebrically -

3% of R = 450,000

3/100 * R = 450,000

R = 450,000 * (100/3) = 150,000 * 100 = 15,000,000 or 15 Million! ;)

This question is very simple and might appear at 500 level. The key in solving such a question would be to solve it fast enough; perferably within a minute or there about so you can save up time for the harder questions that might appear later in the exam. As soon as you see 45 in the numerator and 3 in the denominator, 15 should start running in your mind because 45/3 = 15. Stuff like this helps improve on speed.

If you look at the question and aren't sure how percentages work, your first thing to do is to look up a good source of GMAT content like MGMAT booklets and go through the percentages chapter and evalute your progress on percentages after you've had a thorough read. Rinse, wash...repeat if you still aren't clear on something!
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Re: Last year if 97 percent of the revenues of a company came fr [#permalink] New post 20 Jan 2014, 06:29
15 million.
3% of X = 450,000
Hence, 15,00,000.
Careful with the no. of zeros!
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Re: Last year if 97 percent of the revenues of a company came fr [#permalink] New post 20 Jan 2014, 19:14
Since 3% of the total revenue is $4,50,000.
1% of total revenue is 4,50,000/3 = 1,50,000
100% of total revenue will be = 1,50,000*100 = 15,000,000

Answer is (D)
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Re: Last year if 97 percent of the revenues of a company came fr [#permalink] New post 20 Jan 2014, 20:20
Remaining revenues =3%= 450,000
=> (3/100) * TR = 450,000; TR is the Total Revenue
TR = (450,000 * 100)/3
TR = 15,000,000 = 15 million

Ans is (D)
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Re: Last year if 97 percent of the revenues of a company came fr [#permalink] New post 23 Jan 2014, 05:31
Bunuel wrote:

Last year if 97 percent of the revenues of a company came from domestic sources and the remaining revenues, totaling $450,000, came from foreign sources, what was the total of the company's revenues?

(A) $ 1,350,000
(B) $ 1,500,000
(C) $ 4,500,000
(D) $ 15,000,000
(E) $150,000,000




let total revenues be X
then 3% of X=450000( given )
hence X= 15,000,000
Answer D
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Re: Last year if 97 percent of the revenues of a company came fr [#permalink] New post 23 Jan 2014, 21:56
Bunuel wrote:
The Official Guide For GMAT® Quantitative Review, 2ND Edition

Last year if 97 percent of the revenues of a company came from domestic sources and the remaining revenues, totaling $450,000, came from foreign sources, what was the total of the company's revenues?

(A) $ 1,350,000
(B) $ 1,500,000
(C) $ 4,500,000
(D) $ 15,000,000
(E) $150,000,000



The way I do these kind of problems is -

3 is 450, 000. so how much will be 100? ( since total revenue of the company is asked)

3 ----- 450,000
100---- ??

100 * 450,000/3

= 15,000,000
Option D
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Re: Last year if 97 percent of the revenues of a company came fr [#permalink] New post 25 Jan 2014, 11:00
Expert's post
SOLUTION

Last year if 97 percent of the revenues of a company came from domestic sources and the remaining revenues, totaling $450,000, came from foreign sources, what was the total of the company's revenues?

(A) $ 1,350,000
(B) $ 1,500,000
(C) $ 4,500,000
(D) $ 15,000,000
(E) $150,000,000

If 97 percent of the revenues came from domestic sources, then the remaining 3 percent came from foreign sources.

Thus we have that 0.03*{total revenue} = 450,000 --> {total revenue} = 15,000,000.

Answer: D.
_________________

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?
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Re: Last year if 97 percent of the revenues of a company came fr   [#permalink] 25 Jan 2014, 11:00
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