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Market value and %

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Senior Manager
Senior Manager
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Joined: 16 Apr 2009
Posts: 252
Schools: Ross
Followers: 1

Kudos [?]: 19 [0], given: 10

GMAT Tests User
Market value and % [#permalink] New post 12 Aug 2009, 06:29
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Difficulty:

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Question Stats:

75% (02:43) correct 25% (00:29) wrong based on 3 sessions
The market value of a certain machine decreased by 30 percent of its purchase price each year. If the machine was purchased in 1982 for its market value of $8,000, what was its market value two years later?
(A) $8,000
(B) $5,600
(C) $3,200
(D) $2,400
(E) $800
[Reveal] Spoiler:
C

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Senior Manager
Senior Manager
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Joined: 25 Jun 2009
Posts: 313
Followers: 2

Kudos [?]: 70 [0], given: 6

GMAT Tests User
Re: Market value and % [#permalink] New post 12 Aug 2009, 07:00
vannu wrote:
The market value of a certain machine decreased by 30 percent of its purchase price each year. If the machine was purchased in 1982 for its market value of $8,000, what was its market value two years later?
(A) $8,000
(B) $5,600
(C) $3,200
(D) $2,400
(E) $800
[Reveal] Spoiler:
C



C.

Market value in 1982= $ 8000
Market value in 1983 = $ 8000- ($ 8000 x 30/100) = 8000-2400= $ 5600
Market value in 1984 = Market value in 1983 - (30 % of $8000)= 5600-2400 = $3200
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Joined: 05 Jul 2006
Posts: 1542
Followers: 5

Kudos [?]: 65 [0], given: 39

Re: Market value and % [#permalink] New post 12 Aug 2009, 07:11
nitishmahajan wrote:
vannu wrote:
The market value of a certain machine decreased by 30 percent of its purchase price each year. If the machine was purchased in 1982 for its market value of $8,000, what was its market value two years later?
(A) $8,000
(B) $5,600
(C) $3,200
(D) $2,400
(E) $800
[Reveal] Spoiler:
C



C.

the key is (decrease by 30% of its PURCHASE PRICE)
Senior Manager
Senior Manager
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Joined: 21 Jul 2009
Posts: 266
Location: New York, NY
Followers: 1

Kudos [?]: 35 [0], given: 23

GMAT Tests User
Re: Market value and % [#permalink] New post 09 Sep 2009, 13:22
Tricky! This is more like a CPA exam question...
Re: Market value and %   [#permalink] 09 Sep 2009, 13:22
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