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.

It appears that you are browsing the GMAT Club forum unregistered!

Signing up is free, quick, and confidential.
Join other 350,000 members and get the full benefits of GMAT Club

Registration gives you:

Tests

Take 11 tests and quizzes from GMAT Club and leading GMAT prep companies such as Manhattan GMAT,
Knewton, and others. All are free for GMAT Club members.

Applicant Stats

View detailed applicant stats such as GPA, GMAT score, work experience, location, application
status, and more

Books/Downloads

Download thousands of study notes,
question collections, GMAT Club’s
Grammar and Math books.
All are free!

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:

Re: Math: Number Theory - Percents [#permalink]
21 Jul 2010, 22:33

Compound Interest

\(Balance(final)=\) \(=principal*(1+\frac{interest}{C})^{time*C}\), where C = the number of times compounded annually.

If C=1, meaning that interest is compounded once a year, then the formula will be: \(Balance(final)=\) \(principal*(1+interest)^{time}\), where time is number of years.

Example: If $20,000 is invested at 12% annual interest, compounded quarterly, what is the balance after 2 year? Solution: \(Balance=20,000*(1+\frac{0.12}{4})^{2*4}=\) \(=20,000*(1.03)^8=25,335.4\)

I dont understand why 0.12/4 ? where did we get no 4 ?

Re: Math: Number Theory - Percents [#permalink]
22 Jul 2010, 03:33

1

This post received KUDOS

Expert's post

xmagedo wrote:

Compound Interest

\(Balance(final)=\) \(=principal*(1+\frac{interest}{C})^{time*C}\), where C = the number of times compounded annually.

If C=1, meaning that interest is compounded once a year, then the formula will be: \(Balance(final)=\) \(principal*(1+interest)^{time}\), where time is number of years.

Example: If $20,000 is invested at 12% annual interest, compounded quarterly, what is the balance after 2 year? Solution: \(Balance=20,000*(1+\frac{0.12}{4})^{2*4}=\) \(=20,000*(1.03)^8=25,335.4\)

I dont understand why 0.12/4 ? where did we get no 4 ?

thanks

12% of annual interest is compounded quarterly, so it's compounded 4 times a year --> C=4. _________________

Re: Math: Number Theory - Percents [#permalink]
09 Oct 2010, 13:30

Generic questions based on percentages that can be remembered:

1. If the price(p) of an Item increases by x% then consumption(c) has to be decreased by 100 /(100+x) % to keep the expenditure(E) constant.

2. If two articles are sold at same price , and on first one the shopkeeper makes a profit of p% and on the other suffers a loss of p % , overall he suffers a loss. The loss is p*p /100 % ie., ( p square divided by 100).

Especially,I have seen the second type of question very common one in many competitive tests.

Note : Please let me know if you are interested in the reason behind each answer.

This is my first post in gmatclub.I thank all of the gmatclub members / moderators for providing such a wonderful environment.

Re: Math: Number Theory - Percents [#permalink]
23 Oct 2010, 05:32

Hey guys i am new in this forum... can you help me with these percentage problem?

1) The income of a broker remains unchanged though the rate of commission is increased from 4% to 5%. THe percentage slump in business is:

i)1 ii) 8 iii) 20 iv)80

2) p is 6 times as large as q. The percent that q is less than p is:

i) 83.33 ii) 16.5 iii) 90 iv) 60

3) In a market survey 20% voted for A and 60% voted for B. the remaining were uncertain. if the difference between who voted for B and those who were uncertain was 720 how many individuals were covered in the survey?

Re: Math: Number Theory - Percents [#permalink]
23 Oct 2010, 06:21

syenaman wrote:

Generic questions based on percentages that can be remembered:

1. If the price(p) of an Item increases by x% then consumption(c) has to be decreased by 100 /(100+x) % to keep the expenditure(E) constant.

2. If two articles are sold at same price , and on first one the shopkeeper makes a profit of p% and on the other suffers a loss of p % , overall he suffers a loss. The loss is p*p /100 % ie., ( p square divided by 100).

Especially,I have seen the second type of question very common one in many competitive tests.

Note : Please let me know if you are interested in the reason behind each answer.

This is my first post in gmatclub.I thank all of the gmatclub members / moderators for providing such a wonderful environment.

Would love the explanation with some nice examples. _________________

"Don't be afraid of the space between your dreams and reality. If you can dream it, you can make it so." Target=780 http://challengemba.blogspot.com Kudos??

A percentage is a way of expressing a number as a fraction of 100 (per cent meaning "per hundred"). It is often denoted using the percent sign, "%", or the abbreviation "pct". Since a percent is an amount per 100, percents can be represented as fractions with a denominator of 100. For example, 25% means 25 per 100, 25/100 and 350% means 350 per 100, 350/100.

• A percent can be represented as a decimal. The following relationship characterizes how percents and decimals interact. Percent Form / 100 = Decimal Form

For example: What is 2% represented as a decimal? Percent Form / 100 = Decimal Form: 2%/100=0.02

Percent change

General formula for percent increase or decrease, (percent change):

\(Percent=\frac{Change}{Original}*100\)

Example: A company received $2 million in royalties on the first $10 million in sales and then $8 million in royalties on the next $100 million in sales. By what percent did the ratio of royalties to sales decrease from the first $10 million in sales to the next $100 million in sales?

Solution: Percent decrease can be calculated by the formula above: \(Percent=\frac{Change}{Original}*100=\) \(=\frac{\frac{2}{10}-\frac{8}{100}}{\frac{2}{10}}*100=60%\), so the royalties decreased by 60%.

Simple Interest

Simple interest = principal * interest rate * time, where "principal" is the starting amount and "rate" is the interest rate at which the money grows per a given period of time (note: express the rate as a decimal in the formula). Time must be expressed in the same units used for time in the Rate.

Example: If $15,000 is invested at 10% simple annual interest, how much interest is earned after 9 months? Solution: $15,000*0.1*9/12 = $1125

Compound Interest

\(Balance(final)=\) \(=principal*(1+\frac{interest}{C})^{time*C}\), where C = the number of times compounded annually.

If C=1, meaning that interest is compounded once a year, then the formula will be: \(Balance(final)=\) \(principal*(1+interest)^{time}\), where time is number of years.

Example: If $20,000 is invested at 12% annual interest, compounded quarterly, what is the balance after 2 year? Solution: \(Balance=20,000*(1+\frac{0.12}{4})^{2*4}=\) \(=20,000*(1.03)^8=25,335.4\)

Percentile

If someone's grade is in \(x_{th}\) percentile of the \(n\) grades, this means that \(x%\) of people out of \(n\) has the grades less than this person.

Example: Lena’s grade was in the 80th percentile out of 120 grades in her class. In another class of 200 students there were 24 grades higher than Lena’s. If nobody had Lena’s grade, then Lena was what percentile of the two classes combined?

Solution: Being in 80th percentile out of 120 grades means Lena outscored \(120*0.8=96\) classmates.

In another class she would outscored \(200-24=176\) students.

So, in combined classes she outscored \(96+176=272\). As there are total of \(120+200=320\) students, so Lena is in \(\frac{272}{320}=0.85=85%\), or in 85th percentile.

Re: Math: Number Theory - Percents [#permalink]
02 Aug 2011, 20:11

redwine01 wrote:

Hey guys i am new in this forum... can you help me with these percentage problem?

1) The income of a broker remains unchanged though the rate of commission is increased from 4% to 5%. THe percentage slump in business is:

i)1 ii) 8 iii) 20 iv)80

2) p is 6 times as large as q. The percent that q is less than p is:

i) 83.33 ii) 16.5 iii) 90 iv) 60

3) In a market survey 20% voted for A and 60% voted for B. the remaining were uncertain. if the difference between who voted for B and those who were uncertain was 720 how many individuals were covered in the survey?

Re: Math: Number Theory - Percents [#permalink]
12 Feb 2012, 00:07

Bunuel wrote:

gurpreetsingh wrote:

Bunuel wrote:

PERCENTS

Example: Lena’s grade was in the 80th percentile out of 120 grades in her class. In another class of 200 students there were 24 grades higher than Lena’s. If nobody had Lena’s grade, then Lena was what percentile of the two classes combined?

Solution: Being in 80th percentile out of 120 grades means Lena outscored \(120*0.8=96\) classmates.

In another class she would outscored \(200-24=176\) students.

So, in combined classes she outscored \(96+176=272\). As there are total of \(120+200=320\) students, so Lena is in \(\frac{272}{320}=0.85=85%\), or in 85th percentile.

In another class she would outscored \(200-24=176\) students. I think it should be 200-24-1 = 175 as 24 were higher than Lena , thus 24+1 are lower than her, we need to count her as well

The point here is that Lena herself is not in the other class. So in another class she outscored 200-24=176 not 175.

Hope it's clear.

But the question does not say Lena is not in other class. So, how to interpret this, based on the provided solutions? _________________

Re: Math: Number Theory - Percents [#permalink]
12 Feb 2012, 03:19

Bunuel wrote:

"Lena’s grade was in the 80th percentile out of 120 grades in HER class. In ANOTHER class ..." So another class is not Lena's class.

OK. Thanks. I observed that, but I looked at those two statements "independently", because we are not allowed to make assumptions unless sufficient supporting material is available. _________________

Re: Math: Number Theory - Percents [#permalink]
12 Feb 2012, 03:23

Expert's post

Chembeti wrote:

Bunuel wrote:

"Lena’s grade was in the 80th percentile out of 120 grades in HER class. In ANOTHER class ..." So another class is not Lena's class.

OK. Thanks. I observed that, but I looked at those two statements "independently", because we are not allowed to make assumptions unless sufficient supporting material is available.

Re: Math: Number Theory - Percents [#permalink]
12 Feb 2012, 03:50

Bunuel wrote:

Chembeti wrote:

Bunuel wrote:

"Lena’s grade was in the 80th percentile out of 120 grades in HER class. In ANOTHER class ..." So another class is not Lena's class.

OK. Thanks. I observed that, but I looked at those two statements "independently", because we are not allowed to make assumptions unless sufficient supporting material is available.

Re: Math: Number Theory - Percents [#permalink]
05 Mar 2012, 00:35

Bunuel wrote:

gurpreetsingh wrote:

Bunuel wrote:

PERCENTS

Example: Lena’s grade was in the 80th percentile out of 120 grades in her class. In another class of 200 students there were 24 grades higher than Lena’s. If nobody had Lena’s grade, then Lena was what percentile of the two classes combined?

Solution: Being in 80th percentile out of 120 grades means Lena outscored \(120*0.8=96\) classmates.

In another class she would outscored \(200-24=176\) students.

So, in combined classes she outscored \(96+176=272\). As there are total of \(120+200=320\) students, so Lena is in \(\frac{272}{320}=0.85=85%\), or in 85th percentile.

In another class she would outscored \(200-24=176\) students. I think it should be 200-24-1 = 175 as 24 were higher than Lena , thus 24+1 are lower than her, we need to count her as well

The point here is that Lena herself is not in the other class. So in another class she outscored 200-24=176 not 175.

Hope it's clear.

This kind of clear thinking is a little awe-inspiring, especially when my brain's already turned into oatmeal from 2 months of prepping! _________________

If you like it, Kudo it!

"There is no alternative to hard work. If you don't do it now, you'll probably have to do it later. If you didn't need it now, you probably did it earlier. But there is no escaping it."

Interested in applying for an MBA? In the fourth and final part of our live QA series with guest expert Chioma Isiadinso, co-founder of consultancy Expartus and former admissions...