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Yesterday's closing prices of 2,420 different stocks listed [#permalink]
 14 Sep 2012, 22:18
Question Stats:
63% (02:32) correct
36% (01:39) wrong based on 14 sessions
Yesterday's closing prices of 2,420 different stocks listed on a certain stock exchange were all different from today's closing prices. The number of stocks that closed at a higher price today than yesterday was 20 percent greater than the number that closed at a lower price. How many of the stocks closed at a higher price today than yesterday? (A) 484 (B) 726 (C) 1,100 (D) 1,320 (E) 1,694 Source :OG-13; Q71(PS)
Folks, please write the answer with all the steps. The answer is clear cut but the only thing I'm interested in is the interpretation of the word problem and the respective approach to solve it. Thanks.
If any body used tabular approach, i will be glad to see it because i had trouble solving this problem with the same. _________________
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Last edited by Bunuel on 15 Sep 2012, 02:23, edited 1 time in total.
Edited the question.
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Re: Yesterday's closing prices of 2420different stocks listed on [#permalink]
14 Sep 2012, 23:36
Lets consider the below - The number of stocks that closed at a higher price = H The number of stocks that closed at a lower price = L We understand from first statement -> H+L = 2420 ----(1) We understand from second statement -> H = (120/100)L => H = 1.2L ----(2) Solve eq (1) & (2) to get H = 1320. D is my answer. Questions, Pls let me know. Cheers!
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Re: Yesterday's closing prices of 2420different stocks listed on [#permalink]
15 Sep 2012, 01:18
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conty911 wrote: Yesterday's closing prices of 2420 different stocks listed on a certain stock exchange were all different from today's closing prices. The number of stocks that closed at a higher price than yesterday was 20% greater than number that closed at lower price.How many of the stocks closed at a higher price than yesterday?
a)484
b)726
c)1100
d)1320
e)1694
Source :OG-13; Q71(PS)
Folks, please write the answer with all the steps. The answer is clear cut but the only thing I'm interested in is the interpretation of the word problem and the respective approach to solve it. Thanks.
If any body used tabular approach, i will be glad to see it because i had trouble solving this problem with the same. No. of share closed at higher price than yesterday = X No. of share closed at lower price than yesterday = Y X = 1.2Y so, 1.2Y + Y = 2420 Y = 1100 So, X = 1320 If you like explaination kindly give kudos
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Re: Yesterday's closing prices of 2,420 different stocks listed [#permalink]
15 Sep 2012, 02:37
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Yesterday's closing prices of 2,420 different stocks listed on a certain stock exchange were all different from today's closing prices. The number of stocks that closed at a higher price today than yesterday was 20 percent greater than the number that closed at a lower price. How many of the stocks closed at a higher price today than yesterday?(A) 484 (B) 726 (C) 1,100 (D) 1,320 (E) 1,694 APPROACH #1: Say x is the number of stocks that closed at a lower price, then 1.2x is the number of stocks that closed at a higher price. Since the total number of stocks is 2,420, then x+1.2x=2,420 --> x=1,100, so 1.2x=1,320. Answer: D. APPROACH #2: If the number of stocks that closed at a lower price were the same as the number of stocks that closed at a higher price, then the number of stocks that closed at a higher price would be 2,420/2=1,210. Since we know that more stocks closed at a higher price than at a lower price than the answer must be greater than 1,210: eliminate A, B, and C. Now, E cannot be correct, because in this case 1,694 closed at a higher price and ~700 closed at a lower price, but 1,694 is obviously not 20% greater than ~700, so we are left with D. Answer: D. Hope it's clear.
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Re: Yesterday's closing prices of 2,420 different stocks listed [#permalink]
21 Sep 2012, 10:38
Let number of shares closed at lower price be x. Hence closed at higher price is 1.2 (this is 20% greater than closed at lower price).
x+1.2x = 2420 => x = 1100
Hence shares closed at higher price = 1.2x = 1320 (D)
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Re: Yesterday's closing prices of 2,420 different stocks listed [#permalink]
04 May 2013, 15:15
Can someone please help....The way this problem has been solved is correct...I arrived upon the same answer by the process of elimination but when I initially tired I used the following technique:
Total percentage of stocks = 100%
All stocks changed value....therefore H + L = 100
Given that 20% stocks closed higher than those that closed lower hence H - L = 20
Hence 60% of the 2420 closed higher which gives me 1452....this was not part of the answer choice ...so I eliminated and chose 1320...but I am still confused why this thought process is wrong...
Can someone please clarify...
Naren
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Re: Yesterday's closing prices of 2,420 different stocks listed [#permalink]
04 May 2013, 15:43
tsnarendran wrote: Can someone please help....The way this problem has been solved is correct...I arrived upon the same answer by the process of elimination but when I initially tired I used the following technique:
Total percentage of stocks = 100%
All stocks changed value....therefore H + L = 100
Given that 20% stocks closed higher than those that closed lower hence H - L = 20
Hence 60% of the 2420 closed higher which gives me 1452....this was not part of the answer choice ...so I eliminated and chose 1320...but I am still confused why this thought process is wrong...
Can someone please clarify...
Naren The correct ratio is closer to 55% - 45% not 60% - 40% The 20% isn't based off of the total amount of stocks, it's based off of the amount that closed higher vs those that closed lower... so rather than there being a difference of 20% of the TOTAL (60-40) there's a difference of 20% of each position which is closer to only 10% of the total.
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Re: Yesterday's closing prices of 2,420 different stocks listed [#permalink]
04 May 2013, 16:03
dave785 wrote: tsnarendran wrote: Can someone please help....The way this problem has been solved is correct...I arrived upon the same answer by the process of elimination but when I initially tired I used the following technique:
Total percentage of stocks = 100%
All stocks changed value....therefore H + L = 100
Given that 20% stocks closed higher than those that closed lower hence H - L = 20
Hence 60% of the 2420 closed higher which gives me 1452....this was not part of the answer choice ...so I eliminated and chose 1320...but I am still confused why this thought process is wrong...
Can someone please clarify...
Naren The correct ratio is closer to 55% - 45% not 60% - 40% The 20% isn't based off of the total amount of stocks, it's based off of the amount that closed higher vs those that closed lower... so rather than there being a difference of 20% of the TOTAL (60-40) there's a difference of 20% of each position which is closer to only 10% of the total. When you say that the 20% is based off of the amount that closed higher vs that closed lower.....did all stocks not change value??..so 100% changed values right? so 20% of 100% right...am sorry...I am usually not this confused...but here I am....I am waiting for that ahaa moment I guess and it all becomes clear... any help is greatly appreciated...
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Re: Yesterday's closing prices of 2,420 different stocks listed [#permalink]
04 May 2013, 17:42
tsnarendran wrote: dave785 wrote: tsnarendran wrote: Can someone please help....The way this problem has been solved is correct...I arrived upon the same answer by the process of elimination but when I initially tired I used the following technique:
Total percentage of stocks = 100%
All stocks changed value....therefore H + L = 100
Given that 20% stocks closed higher than those that closed lower hence H - L = 20
Hence 60% of the 2420 closed higher which gives me 1452....this was not part of the answer choice ...so I eliminated and chose 1320...but I am still confused why this thought process is wrong...
Can someone please clarify...
Naren The correct ratio is closer to 55% - 45% not 60% - 40% The 20% isn't based off of the total amount of stocks, it's based off of the amount that closed higher vs those that closed lower... so rather than there being a difference of 20% of the TOTAL (60-40) there's a difference of 20% of each position which is closer to only 10% of the total. When you say that the 20% is based off of the amount that closed higher vs that closed lower.....did all stocks not change value??..so 100% changed values right? so 20% of 100% right...am sorry...I am usually not this confused...but here I am....I am waiting for that ahaa moment I guess and it all becomes clear... any help is greatly appreciated... the question states that there are 20% more stocks that closed higher today than stocks that closed lower today. Stocks cannot close both higher and lower. Therefore the 20% increase is not based off of the total amount, only off of the amount that closed higher... Therefore, (100% stocks that closed lower tody ) + (120% stocks that closed lowertoday) = 100% of ALL stocks (2420) You're reading the question as if it read 20% more stocks closed higher today than closed higher yesterday... in which case the answer would be unsolvable because we don't know how many closed higher yesterday.
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Re: Yesterday's closing prices of 2,420 different stocks listed
[#permalink]
04 May 2013, 17:42
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