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.

Thank you for using the timer!
We noticed you are actually not timing your practice. Click the START button first next time you use the timer.
There are many benefits to timing your practice, including:

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?

Each week we'll be posting several questions from The Official Guide For GMAT® Quantitative Review, 2ND Edition and then after couple of days we'll provide Official Answer (OA) to them along with a slution.

We'll be glad if you participate in development of this project: 1. Please provide your solutions to the questions; 2. Please vote for the best solutions by pressing Kudos button; 3. Please vote for the questions themselves by pressing Kudos button; 4. Please share your views on difficulty level of the questions, so that we have most precise evaluation.

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

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?

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?

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! _________________

Paras.

If you found my post helpful give KUDOS!!! Everytime you thank me but don't give Kudos, an Angel dies!

I am now providing personalized one to one GMAT coaching over Skype at a nominal fee. Hurry up to get an early bird discount! Send me an IM to know more.

Re: Last year if 97 percent of the revenues of a company came fr [#permalink]
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?

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?

Re: Last year if 97 percent of the revenues of a company came fr [#permalink]
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?