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When Leo imported a certain item, he paid a 7 percent import [#permalink]
 06 Aug 2012, 02:39
Question Stats:
84% (02:01) correct
15% (01:25) wrong based on 4 sessions
The Official Guide for GMAT® Review, 13th Edition - Quantitative Questions ProjectWhen Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item? (A) $1,600 (B) $1,850 (C) $2,250 (D) $2,400 (E) $2,750 Practice Questions
Question: 11
Page: 153
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Re: When Leo imported a certain item, he paid a 7 percent import [#permalink]
06 Aug 2012, 02:40
SOLUTIONWhen Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item?(A) $1,600 (B) $1,850 (C) $2,250 (D) $2,400 (E) $2,750 Let the value of the item be $x, then 0.07(x-1,000)=87.5 --> x-1,000=1,250 --> x=2,250. Answer: C. Else, you could backsolve: If the value of the item is $2,000 the tax is (2,000-1,000)*0.07=70, so the value must be more than $2,000. Eliminate A and B. If the value of the item is $2,400 the tax is (2,400-1,000)*0.07=98, so the value must be less than $2,400. Eliminate D and E. Only answer choice C is left.
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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
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. NEW!!!
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. NEW!!!
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Re: When Leo imported a certain item, he paid a 7 percent import [#permalink]
06 Aug 2012, 10:04
(x-1000)*0.07=87.5 x=2250
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Re: When Leo imported a certain item, he paid a 7 percent import [#permalink]
06 Aug 2012, 11:43
Used back substitution.
using A we get $42 of interest. So we want something close to double the price to get the right answer. C was the next candidate.
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Re: When Leo imported a certain item, he paid a 7 percent import [#permalink]
10 Aug 2012, 03:27
SOLUTIONWhen Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item?(A) $1,600 (B) $1,850 (C) $2,250 (D) $2,400 (E) $2,750 Let the value of the item be $x, then 0.07(x-1,000)=87.5 --> x-1,000=1,250 --> x=2,250. Answer: C. Else, you could backsolve: If the value of the item is $2,000 the tax is (2,000-1,000)*0.07=70, so the value must be more than $2,000. Eliminate A and B. If the value of the item is $2,400 the tax is (2,400-1,000)*0.07=98, so the value must be less than $2,400. Eliminate D and E. Only answer choice C is left.
_________________
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
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. NEW!!!
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. NEW!!!
What are GMAT Club Tests?
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Re: When Leo imported a certain item, he paid a 7 percent import
[#permalink]
10 Aug 2012, 03:27
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