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Updated on: 13 Sep 2015, 10:01
Originally posted by harishbiyani8888 on 13 Sep 2015, 10:00.
Last edited by Bunuel on 13 Sep 2015, 10:01, edited 1 time in total.
Last edited by Bunuel on 13 Sep 2015, 10:01, edited 1 time in total.
Added the OA.
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C
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
5%
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Question Stats:
87% (01:31) correct
13%
(01:50)
wrong
based on 1596
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A certain pair of used shoes can be repaired for $12.50 and will last for 1 year. A pair of the same kind of shoes can be purchased new for $28.00 and will last for 2 years. The average cost per year of the new shoes is what percent greater than the cost of repairing the used shoes?
A 3%
B 5%
C 12 %
D 15%
E 24%
A 3%
B 5%
C 12 %
D 15%
E 24%
goldfinchmonster
Joined: 13 Apr 2015
Last visit: 13 Jan 2020
Posts: 58
Given Kudos: 325
Concentration: General Management, Strategy
Schools: Jenkins FT'18 (S) Desautels '18 UConn FT "18 Iowa State '18 Haskayne(Calgary) Alberta'18 DeGroote (II)
GMAT 1: 620 Q47 V28
GPA: 3.25
WE:Project Management (Energy)
Schools: Jenkins FT'18 (S) Desautels '18 UConn FT "18 Iowa State '18 Haskayne(Calgary) Alberta'18 DeGroote (II)
GMAT 1: 620 Q47 V28
Posts: 58
13 Sep 2015, 19:57
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1) Cost of repairing = 12.5 ( for one year ), Therefore for 2 years it would be $ 25.
2) Cost of new pair which will last for 2 years is $ 28.
Percentage change formula = ( Final value - Initial value ) / ( Initial Value ) * 100. In this case the final value would be the price of new shoe & initial value would be the cost of repairing the old shoe.
I.e ( 28 - 25 ) / ( 25 ) * 100 = 12 %.
Ans is C.
2) Cost of new pair which will last for 2 years is $ 28.
Percentage change formula = ( Final value - Initial value ) / ( Initial Value ) * 100. In this case the final value would be the price of new shoe & initial value would be the cost of repairing the old shoe.
I.e ( 28 - 25 ) / ( 25 ) * 100 = 12 %.
Ans is C.
General Discussion
13 Sep 2015, 10:08
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28 / 2 = 14
14 - 12.50 = 1.50
1.50 / 12.50 = .12 = 12%
Answer choice C
14 - 12.50 = 1.50
1.50 / 12.50 = .12 = 12%
Answer choice C
