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% problem [#permalink] New post 25 May 2010, 09:19
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Hi guys. This example was used on the iPhone app. I was confused but it may be a misteak. Can someone solve it with explantion.

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?
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Re: % problem [#permalink] New post 25 May 2010, 09:33
Hi,

the question is:
"By what (percent) did the (ratio of royalties to sales) (decrease) from the first to next"

First find out (ratio of royalties to sales):
2:10 First
0.2
8:100 Second
0.08

Decrease = 0.2-0.08 = 0.12

Percent = (0.12/0.20) = 60%.

Hope this helps.

rgds Anirudh
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Re: % problem [#permalink] New post 25 May 2010, 09:38
Expert's post
Jinglander wrote:
Hi guys. This example was used on the iPhone app. I was confused but it may be a misteak. Can someone solve it with explantion.

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?


General formula for percent increase or decrease, (percent change): Percent=\frac{Change}{Original}*100

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%.

If there is another solution in app then there must be a typo.
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Manager
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Re: % problem [#permalink] New post 25 May 2010, 09:40
Bunuel wrote:
Jinglander wrote:
Hi guys. This example was used on the iPhone app. I was confused but it may be a misteak. Can someone solve it with explantion.

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?


General formula for percent increase or decrease, (percent change): Percent=\frac{Change}{Original}*100

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%.

If there is another solution in app then there must be a typo.



Yep typo. As a side note on the app some times for percent increase they will get a 2.9 and then say the increase is 190% can you explain
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Re: % problem [#permalink] New post 25 May 2010, 09:50
Expert's post
Jinglander wrote:
Bunuel wrote:
Jinglander wrote:
Hi guys. This example was used on the iPhone app. I was confused but it may be a misteak. Can someone solve it with explantion.

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?


General formula for percent increase or decrease, (percent change): Percent=\frac{Change}{Original}*100

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%.

If there is another solution in app then there must be a typo.



Yep typo. As a side note on the app some times for percent increase they will get a 2.9 and then say the increase is 190% can you explain


This is correct: x is increased by y percent can be expressed as x*(1+y/100). So 190% increase is (1+1.9)=2.9 times increase. This is the same as if we are told that something increased by 100% it would mean that it increased 2 times.
_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

COLLECTION OF QUESTIONS:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

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Re: % problem [#permalink] New post 25 May 2010, 10:14
how can you take x*(1+y/100) and put it in the firm x-y/x
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Re: % problem [#permalink] New post 25 May 2010, 10:32
Expert's post
Jinglander wrote:
how can you take x*(1+y/100) and put it in the firm x-y/x


Consider this:
Price of an apple was 1$ and now price is 1.5$. What was the percent increase in price?

Percent=\frac{Change}{Original}*100=\frac{1.5-1}{1}*100=50%, the price increased by 50%, which is the same as to say that the price increased 1.5 times. So 50% increase = increase by (1+50/100)=1.5 times.

Hope it's clear.
_________________

NEW TO MATH FORUM? PLEASE READ THIS: ALL YOU NEED FOR QUANT!!!

PLEASE READ AND FOLLOW: 11 Rules for Posting!!!

RESOURCES: [GMAT MATH BOOK]; 1. Triangles; 2. Polygons; 3. Coordinate Geometry; 4. Factorials; 5. Circles; 6. Number Theory; 7. Remainders; 8. Overlapping Sets; 9. PDF of Math Book; 10. Remainders; 11. GMAT Prep Software Analysis NEW!!!; 12. SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) NEW!!!; 12. Tricky questions from previous years. NEW!!!;

COLLECTION OF QUESTIONS:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS ; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
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Re: % problem   [#permalink] 25 May 2010, 10:32
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