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Yes, I would retake. The top 5 schools, especially Wharton, want more like 80/80 for the percentiles, so you need to get that verbal up. It's the only weak part of your app. Don't give them an easy reason to ding you.

And yes, you have to study!! Don't just expect a retake to do it for you (GMAT doesn't work that way as nicely as the SAT seemed to!!!).

I didn't know about Powerscore but I used Princeton Review for verbal and it was right on target. Do some verbal practice questions and a few tests, and retake.
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