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A gambler bought $3,000 worth of chips at a casino in

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Chembeti
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A gambler bought $3,000 worth of chips at a casino in [#permalink] New post   25 Feb 2012, 22:23
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A gambler bought $3,000 worth of chips at a casino in denominations of $20 and $100. That evening, the gambler lost 16 chips, and then cashed in the remainder. If the number of $20 chips lost was 2 more or 2 less than the number of $100 chips lost, what is the largest amount of money that the gambler could have received back?

$2,040
$2,120
$1,960
$1,920
$1,400
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B
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Bunuel
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Re: A gambler bought $3,000 worth of chips at a casino in [#permalink] New post   25 Feb 2012, 23:29
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Chembeti wrote:
A gambler bought $3,000 worth of chips at a casino in denominations of $20 and $100. That evening, the gambler lost 16 chips, and then cashed in the remainder. If the number of $20 chips lost was 2 more or 2 less than the number of $100 chips lost, what is the largest amount of money that the gambler could have received back?

A. $2,040
B. $2,120
C. $1,960
D. $1,920
E. $1,400


In order to maximize the amount of money that the gambler kept, we should maximize # of $20 chips lost and minimize # of $100 chips lost, which means that # of $20 chips lost must be 2 more than # of $100 chips lost.

So, if # of $20 chips lost is x then # of $100 chips lost should be x-2. Now, given that total # of chips lost is 16: x+x-2=16 --> x=9: 9 $20 chips were lost and 9-2=7 $100 chips were lost.

Total worth of chips lost is 9*20+7*100=$880, so the gambler kept $3,000-$880=$2,120.

Answer: B.
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Re: A gambler bought $3,000 worth of chips at a casino in [#permalink] New post   25 Feb 2012, 23:41
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Bunuel wrote:
Chembeti wrote:
A gambler bought $3,000 worth of chips at a casino in denominations of $20 and $100. That evening, the gambler lost 16 chips, and then cashed in the remainder. If the number of $20 chips lost was 2 more or 2 less than the number of $100 chips lost, what is the largest amount of money that the gambler could have received back?

A. $2,040
B. $2,120
C. $1,960
D. $1,920
E. $1,400


In order to maximize the amount of money that the gambler kept, we should maximize # of $20 chips lost and minimize # of $100 chips lost, which means that # of $20 chips lost must be 2 more than # of $100 chips lost. So, if # of $20 chips lost is x then # of $100 chips lost should be x-2. Now, given that total # of chips lost is 16: x+x-2=16 --> x=9: 9 $20 chips were lost and 9-2=7 $100 chips lost.

Total worth of chips lost is 9*20+7*100=$880, so the gambler kept $3,000-$880=$2,120.

Answer: B.


I somehow got confused with the wordings.... :cry:
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Re: A gambler bought $3,000 worth of chips at a casino in [#permalink] New post   25 Feb 2012, 23:44
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Chembeti wrote:
I somehow got confused with the wordings.... :cry:


With the wording of the question or the wording of the solution? Please let me know if anything needs farther clarification.
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Chembeti
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Re: A gambler bought $3,000 worth of chips at a casino in [#permalink] New post   25 Feb 2012, 23:59
Bunuel wrote:
Chembeti wrote:
I somehow got confused with the wordings.... :cry:


With the wording of the question or the wording of the solution? Please let me know if anything needs farther clarification.


Your answer is perfect. I got confused with the question. :-D
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Re: A gambler bought $3,000 worth of chips at a casino in [#permalink] New post   26 Feb 2012, 00:47
Great approach to min/max questions. With @bunuel around, I guess the learning never ends...thanks.
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Re: A gambler bought $3,000 worth of chips at a casino in [#permalink] New post   26 Feb 2012, 00:53
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fortsill wrote:
Great approach to min/max questions. With @bunuel around, I guess the learning never ends...thanks.


Min/max questions are quite common on the GMAT. Check our question banks for such kind of problems to practice:

DS: search.php?search_id=tag&tag_id=42
PS: search.php?search_id=tag&tag_id=63

Hope it helps.
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Re: A gambler bought $3,000 worth of chips at a casino in [#permalink] New post   13 Nov 2016, 10:24
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Answer:B
1- Largest amount of money that the gambler could have received back ⇒ the lost amount is minimum ⇒ $100 amount lost is minimum
2- $20 chips lost was 2 more or 2 less than the number of $100 chips lost ⇒ Lost $100 is minimum and $20 is maximum
-1- and -2- ⇒ $20 chips lost is 9 and $100 chips lost is 7 ⇒ total loss=20x9+100x7=$880 ⇒ He received back=3000-880= $2120
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Re: A gambler bought $3,000 worth of chips at a casino in [#permalink] New post   16 Oct 2022, 03:15
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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Re: A gambler bought $3,000 worth of chips at a casino in [#permalink]
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