Find all School-related info fast with the new School-Specific MBA Forum

It is currently 01 Oct 2014, 04:24

Close

GMAT Club Daily Prep

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.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

M19#13

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
Manager
Manager
avatar
Joined: 07 Jan 2008
Posts: 87
Followers: 2

Kudos [?]: 29 [0], given: 1

M19#13 [#permalink] New post 07 Feb 2009, 15:25
2
This post was
BOOKMARKED
1000 dollars were converted into pounds and then the pounds were converted back into dollars at the same exchange rate of x pounds per dollar. If a commission of y% is levied on any exchange operation, what dollar amount was left after the exchanges?

1. x = 0.6
2. y = 5

[Reveal] Spoiler: OA
B

Source: GMAT Club Tests - hardest GMAT questions
Kaplan GMAT Prep Discount CodesKnewton GMAT Discount CodesManhattan GMAT Discount Codes
CEO
CEO
User avatar
Joined: 29 Aug 2007
Posts: 2501
Followers: 53

Kudos [?]: 507 [0], given: 19

Re: M18#13 [#permalink] New post 08 Feb 2009, 10:47
topmbaseeker wrote:
1000 dollars were converted into pounds and then the pounds were converted back into dollars at the same exchange rate of x pounds per dollar. If a commission of y% is levied on any exchange operation, what dollar amount was left after the exchanges?

1. x = 0.6
2. y = 5


Dollar to pounds
$1000 = 1000x pounds
after commission = 1000x (100 - 5%) pounds = 950x pounds

Pounds to Dollar
950x pounds = 950x (1/x) dollar = 950 dollar
after commission = 950 dollar (100 - 5%)= 95% of 950 dollar

so B got it.
_________________

Verbal: new-to-the-verbal-forum-please-read-this-first-77546.html
Math: new-to-the-math-forum-please-read-this-first-77764.html
Gmat: everything-you-need-to-prepare-for-the-gmat-revised-77983.html


GT

Manager
Manager
avatar
Joined: 20 Oct 2009
Posts: 113
Schools: MIT LGO (Admitted), Harvard (Admitted))
Followers: 7

Kudos [?]: 21 [0], given: 0

GMAT ToolKit User
Re: M19#13 [#permalink] New post 25 Dec 2009, 07:01
I was thinking without any calculations that since the exchange rate did not change x is irrelevant. However Y is still essential.

If you are running out of time on the math session, just pick B and move on.

If you have some time to spare, then you verify with calculation.

topmbaseeker wrote:
1000 dollars were converted into pounds and then the pounds were converted back into dollars at the same exchange rate of x pounds per dollar. If a commission of y% is levied on any exchange operation, what dollar amount was left after the exchanges?

1. x = 0.6
2. y = 5

* Statement (1) ALONE is sufficient, but Statement (2) ALONE is not sufficient
* Statement (2) ALONE is sufficient, but Statement (1) ALONE is not sufficient
* BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient
* EACH statement ALONE is sufficient
* Statements (1) and (2) TOGETHER are NOT sufficient

[Reveal] Spoiler: OA
B

Source: GMAT Club Tests - hardest GMAT questions

_________________

Dream the impossible and do the incredible.

Live. Love. Laugh.

Intern
Intern
avatar
Joined: 20 Nov 2009
Posts: 4
GMAT 1: 620 Q V0
Followers: 0

Kudos [?]: 5 [0], given: 0

Re: M19#13 [#permalink] New post 26 Dec 2009, 03:18
[strike]Thank you for your very useful tips & explanations.[/strike]
Manager
Manager
avatar
Joined: 02 Oct 2008
Posts: 58
Followers: 5

Kudos [?]: 14 [0], given: 0

Re: M19#13 [#permalink] New post 27 Dec 2009, 15:34
even my choice is B.
Manager
Manager
avatar
Joined: 23 Nov 2009
Posts: 55
Followers: 1

Kudos [?]: 11 [0], given: 1

Re: M19#13 [#permalink] New post 29 Dec 2009, 16:30
I thought C, but I guess B is sufficient
_________________

A kudos would greatly help :)

Tuhin

Manager
Manager
User avatar
Joined: 01 Nov 2010
Posts: 194
Location: India
Concentration: Technology, Marketing
GMAT Date: 08-27-2012
GPA: 3.8
WE: Marketing (Manufacturing)
Followers: 5

Kudos [?]: 20 [0], given: 29

Re: M19#13 [#permalink] New post 03 Jan 2011, 22:54
b is final choice..
_________________

kudos me if you like my post.

Attitude determine everything.
all the best and God bless you.

Manager
Manager
avatar
Joined: 23 Oct 2010
Posts: 87
Location: India
Followers: 3

Kudos [?]: 21 [0], given: 6

Re: M19#13 [#permalink] New post 04 Jan 2011, 06:39
B.

Conv and reconv ==> (1000*x - 1000*x*y)/x
Manager
Manager
avatar
Joined: 25 May 2011
Posts: 163
Followers: 2

Kudos [?]: 39 [0], given: 71

Re: M19#13 [#permalink] New post 07 Nov 2011, 00:31
You just need to know that if the exchange rate of converting dollar to pound is X, then the exchange of converting pound to dollar is \frac{1}{X}
Manager
Manager
avatar
Joined: 08 Sep 2011
Posts: 77
Concentration: Finance, Strategy
Followers: 3

Kudos [?]: 1 [0], given: 5

Re: M19#13 [#permalink] New post 05 Jan 2012, 15:52
B. You don't need to know the exchange rate because it will be equal once you convert it back. you need to know how much they charge between conversions
Senior Manager
Senior Manager
avatar
Joined: 08 Jun 2010
Posts: 397
Location: United States
Concentration: General Management, Finance
GMAT 1: 680 Q50 V32
Followers: 3

Kudos [?]: 59 [0], given: 13

Re: M19#13 [#permalink] New post 07 Jan 2012, 05:47
I have one little problem with the wording of this problem..

It doesn't mention where the y% is applied. Is it applied after conversion or before (on the total amount)? Different assumptions lead to different answers.

First, If you assume the commission is applied to starting amount:

$ --> GBP
1000 --> 1000x-10y

1000x-10y --> 1000-10(y/x) -10xy + (10y^2)/100

Answer is C.

Second, if you assume the commission is applied to final amount

$ --> GBP

1000 --> 1000x-10xy

1000x-10xy --> 10y-y^2


Answer is A.
Intern
Intern
avatar
Joined: 27 Dec 2012
Posts: 19
Location: India
Concentration: Technology, General Management
GMAT Date: 02-21-2014
GPA: 3
WE: Engineering (Energy and Utilities)
Followers: 1

Kudos [?]: 13 [0], given: 5

Re: M19#13 [#permalink] New post 07 Jan 2013, 21:29
1000 dollars = 1000x GBP
after deducting y % commission
1000x-10xy GBP which is nothing but 1000-10y dollars.

again converting back to dollars, divide GBP by x
= 1000-10y - commission
commission = y% of (1000-10y) dollars
=10y - (y^2)/10

so total money left in dollars is 1000 -10y -(10y -(y^2)/10)
=1000-20y+(y^2)/10 which is independent of x because this amount is in dollars. So the catch in the very starting is that question asks about dollars. That should be used to save time.

Two cents.
Manager
Manager
avatar
Joined: 20 Oct 2013
Posts: 77
Followers: 0

Kudos [?]: 7 [0], given: 13

GMAT ToolKit User Premium Member
Re: M19#13 [#permalink] New post 20 Apr 2014, 01:34
The conversion is from dollar to pound and back to dollar at the same exchange rate (x). In the end, we still have 1000 dollars, so x is not important.

To get the remaining amount after levy: 1000*(1-y%)^2

-> (2) is sufficient
Re: M19#13   [#permalink] 20 Apr 2014, 01:34
Display posts from previous: Sort by

M19#13

  Question banks Downloads My Bookmarks Reviews Important topics  

Moderators: Bunuel, WoundedTiger



cron

GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.