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Money money!

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Money money! [#permalink] New post 02 Dec 2009, 06:41
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A question from GMAT PREP!

Alice's take home pay was the same each month, and she saved same fraction of her take home pay each month. The total amount of money that she had saved at the end of the year was 3 times the amount of that portion of her monthly take home pay that she did not save. If all the money she saved last year was from her take home pay, what fraction of her take home pay did she save each month?

1) 1/2
2) 1/3
3) 1/4
4) 1/5
5) 1/6
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Re: Money money! [#permalink] New post 02 Dec 2009, 06:55
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A question from GMAT PREP!

Alice's take home pay was the same each month, and she saved same fraction of her take home pay each month. The total amount of money that she had saved at the end of the year was 3 times the amount of that portion of her monthly take home pay that she did not save. If all the money she saved last year was from her take home pay, what fraction of her take home pay did she save each month?

I Got D, 1/5

let H be her monthly take home pay and x be the fraction saved each month from take home pay.

monthly savings from take homepay = xH and yearly savings = 12xH

we are told 12xH = 3H(1-x) ==> 15xH = 3H ==> x = 1/5
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Re: Money money! [#permalink] New post 02 Dec 2009, 07:07
Thank you boss.... :-D

But i am still bit confused...
IF only you could give example by using numbers.......
It would help a looot..
Than you in advance
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Re: Money money! [#permalink] New post 02 Dec 2009, 08:35
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Let her take home pay be 1,
and fraction of amt saved be from her pay ( from 1) is 1/x

given that 12 (saved amt) = 3(take home - fraction saved)
12.1/x = 3(1-1/x)
12/x = 3(x-1)/x

solving x=5,

fraction required is 1/5.

Using number wud be difficult coz we need smart number that satisfy[ 12 (saved amt) = 3(take home - fraction saved)], it wud be like tracing backwards for that one need to know the fraction.

is there any better explanation?
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Re: Money money! [#permalink] New post 02 Dec 2009, 12:36
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The question is phrased a bit poorly IMO; is this an OG question?

If you want to use numbers, it may be easiest to "test" the answers. For instance:

Take Home Pay (THP) = $100

1) Save (S) 50/month
Not-Save (NS) 50/month
Total S = 50*12 = 600
NS*3 = 150
600 <> 150

2)S 33/mo
NS 66/mo
33*12 = 396
66*3 = 198
396 <> 198

3) S 25/mo
NS 75/mo
25*12 = 300
75*3 = 225
300 <> 225

4) S 20/mo
NS 80/mo
20*12 = 240
80*3 = 240
240=240

1/5 is correct
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Re: Money money! [#permalink] New post 02 Dec 2009, 14:21
The answer is D and i worked it you the same was as srini123. I think what's confusing is the phrasing. Its 3 times the monthly pay and not overall annual pay. Had to read the question a couple of times to get that part.
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Re: Money money! [#permalink] New post 02 Dec 2009, 17:07
I wouldn't say the wording is ambiguous, its twisted and all, but is legitimate.
I have seen such twisted, unambiguous word problem in actual GMAT and every1 shud expect such word questions. Good luck.
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Re: Money money! [#permalink] New post 02 Dec 2009, 17:17
The total amount of money that she had saved at the end of the year was 3 times the amount of that portion of her monthly take home pay that she did not save.

To me, that is the ambiguous part. It's not really clear whether we're talking about 3 times the portion she didn't save for the entire year or for the month.
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Re: Money money! [#permalink] New post 02 Dec 2009, 17:38
Thank you very much everyone for replying!! :-D :-D
The question is copied as it is from GMAT PREP.. no changes been made

The ans is 1/5 right..
KUDOS for all!
THANK YOU srini, jeckll, kirankp..
Re: Money money!   [#permalink] 02 Dec 2009, 17:38
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