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Some people form a joint account for one year with the condi

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Manager
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Joined: 18 Dec 2012
Posts: 84
Location: India
Concentration: General Management, Strategy
GMAT 1: 660 Q49 V32
GMAT 2: 530 Q37 V25
GPA: 3.32
WE: Manufacturing and Production (Manufacturing)
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Kudos [?]: 22 [0], given: 20

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Some people form a joint account for one year with the condi [#permalink] New post 03 Sep 2013, 07:03
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Difficulty:

  45% (medium)

Question Stats:

52% (04:14) correct 48% (02:35) wrong based on 44 sessions
Some people form a joint account for one year with the condition that every month each member deposits an amount equal to the number of members in the account in that month. Also, the person who withdraws from the account before the end of the year get his/her amount at the end of the year. After 6 months, 1/4th of the people withdraw and 1/3rd of the remaining withdraw after 3 months. At the end of the year there is an amount of Rs. 4860 in the account before paying of the withdrawn amounts. Find out the number of people in the beginning of the year.

A. 12
B. 24
C. 36
D. 48
E. 60
[Reveal] Spoiler: OA

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Last edited by Bunuel on 03 Sep 2013, 07:08, edited 1 time in total.
Renamed the topic and edited the tags.
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Re: Some people form a joint account for one year with the condi [#permalink] New post 03 Sep 2013, 17:41
Qoofi wrote:
Some people form a joint account for one year with the condition that every month each member deposits an amount equal to the number of members in the account in that month. Also, the person who withdraws from the account before the end of the year get his/her amount at the end of the year. After 6 months, 1/4th of the people withdraw and 1/3rd of the remaining withdraw after 3 months. At the end of the year there is an amount of Rs. 4860 in the account before paying of the withdrawn amounts. Find out the number of people in the beginning of the year.

A. 12
B. 24
C. 36
D. 48
E. 60


Need the solution, cant reach to B as the solution
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Manager
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Joined: 06 Jul 2013
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GMAT 1: 620 Q48 V28
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Re: Some people form a joint account for one year with the condi [#permalink] New post 03 Sep 2013, 19:42
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N people in the start.

first 6 months there would 6.N.N money deposited.
1/4 members are gone so 3/4 left
Then next 3 month 3.3N/4.3N/4

then 1/3 of remaining gone = 3N/4*2/3 = N/2
so money deposited 3.N/2.N/2

total = 6N^2+27/16N^2+3/4N^2 = 4860
solve for N = 24
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Manager
Manager
User avatar
Joined: 18 Dec 2012
Posts: 84
Location: India
Concentration: General Management, Strategy
GMAT 1: 660 Q49 V32
GMAT 2: 530 Q37 V25
GPA: 3.32
WE: Manufacturing and Production (Manufacturing)
Followers: 0

Kudos [?]: 22 [1] , given: 20

CAT Tests
Re: Some people form a joint account for one year with the condi [#permalink] New post 03 Sep 2013, 23:30
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Let x be the number of people in the beginning.
Amount deposited for 6 months = 6*x*x = 6x^2

Number of people for the next 3 months = x -x/4 = 3x/4

Amount deposited for the next 3 months = 3 * (3x/4)^2

Number of people for the last 3 months = 3x/4 - (1/3 * 3x/4) = x/2

Amount deposited for the last 3 months = 3* (x/2)^2

Total amount = 6x^2 + 27x^2/16 + 3x^2/4 = 4860

x= 24 (option B)
_________________

I'm telling this because you don't get it. You think you get it which is not the same as actually getting it. Get it?

Re: Some people form a joint account for one year with the condi   [#permalink] 03 Sep 2013, 23:30
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