It is currently 20 Nov 2017, 23:48

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

Show Tags

09 Oct 2017, 00:39
1
KUDOS
Expert's post
3
This post was
BOOKMARKED
00:00

Difficulty:

75% (hard)

Question Stats:

70% (02:28) correct 30% (02:32) wrong based on 43 sessions

HideShow timer Statistics

A radio station is giving away a total of $124,000 in August. If they increase the amount given away each day by$100, how much should they give away the first day?

A. $2,300 B.$2,500
C. $2,700 D.$2,900
E. $3,500 [Reveal] Spoiler: OA _________________ Kudos [?]: 132870 [1], given: 12389 Director Joined: 25 Feb 2013 Posts: 560 Kudos [?]: 256 [1], given: 34 Location: India Schools: Mannheim"19 (S) GPA: 3.82 A radio station is giving away a total of$124,000 in August. If they [#permalink]

Show Tags

09 Oct 2017, 00:52
1
KUDOS
1
This post was
BOOKMARKED
Bunuel wrote:
A radio station is giving away a total of $124,000 in August. If they increase the amount given away each day by$100, how much should they give away the first day?

A. $2,300 B.$2,500
C. $2,700 D.$2,900
E. $3,500 Let first day amount given be $$a$$, each day increment $$d=100$$ and number of days in Aug $$= 31$$. Hence using the Sum formula for AP series we get $$Sum = \frac{n}{2}[2a+(n-1)*d]$$ $$124000=\frac{31}{2}[2a+(31-1)*100]$$ or $$8000=2a+3000=> a= 2500$$ Option B Kudos [?]: 256 [1], given: 34 Veritas Prep GMAT Instructor Joined: 16 Oct 2010 Posts: 7738 Kudos [?]: 17827 [2], given: 235 Location: Pune, India Re: A radio station is giving away a total of$124,000 in August. If they [#permalink]

Show Tags

09 Oct 2017, 03:31
2
KUDOS
Expert's post
Bunuel wrote:
A radio station is giving away a total of $124,000 in August. If they increase the amount given away each day by$100, how much should they give away the first day?

A. $2,300 B.$2,500
C. $2,700 D.$2,900
E. $3,500 Another Method: Sum = n * Average 124,000 = 31 * Average Average = 4000 = (First + Last)/2 First + First + 30*100 = 8000 First term = 2500 Answer (B) _________________ Karishma Veritas Prep | GMAT Instructor My Blog Get started with Veritas Prep GMAT On Demand for$199

Veritas Prep Reviews

Kudos [?]: 17827 [2], given: 235

Director
Joined: 22 May 2016
Posts: 990

Kudos [?]: 344 [0], given: 593

A radio station is giving away a total of $124,000 in August. If they [#permalink] Show Tags 09 Oct 2017, 07:59 Bunuel wrote: A radio station is giving away a total of$124,000 in August. If they increase the amount given away each day by $100, how much should they give away the first day? A.$2,300
B. $2,500 C.$2,700
D. $2,900 E.$3,500

To find the first term, I used the general formula:

Sum = (average)(# of terms)

. . .because the average contains the first term.

VeritasPrepKarishma 's version is similar but shorter (kudos).

First we need average, i.e., the middle term's value. One way to find that is to find the formula for the sequence.

$$A_1 = A_1$$
$$A_2 = A_1 + 100$$
$$A_3 = A_1 + 100 + 100$$
$$A_4 = A_1 + 100 + 100 + 100$$

Each term equals $$A_1$$ plus $100 multiplied by one fewer than the term's subscript (because$100 is NOT added to the first term).

So $$A_{n} = A_1 + (n - 1)100$$
(arithmetic series, common difference)

In an arithmetic series, median = mean (average)

August has 31 days. Median is the 16th term. (Median =$$\frac{(n+1)}{2}$$)

$$A_{16} = A_1 + 15(100)$$

Sum = (average = $$A_{16}$$)(# of terms)
124,000 = ($$A_1$$ + 1500)(31)
4,000 = $$A_1$$ + 1500
2,500 = $$A_1$$

Kudos [?]: 344 [0], given: 593

Senior Manager
Status: Preparing for GMAT
Joined: 25 Nov 2015
Posts: 333

Kudos [?]: 109 [0], given: 323

Location: India
GPA: 3.64

Show Tags

09 Oct 2017, 10:28
Bunuel wrote:
A radio station is giving away a total of $124,000 in August. If they increase the amount given away each day by$100, how much should they give away the first day?

A. $2,300 B.$2,500
C. $2,700 D.$2,900
E. $3,500 Let the amount given away on first day = a Increase per day ,d = 100 then amount given away on last day = a + 30d = a+ 30*100 = a+ 3000 Total amount given away in August = 1,24,000 => 31/2 ( 2a + 3000) = 1,24,000 => 2a+ 3000 = 8000 => a = 2500 Answer B _________________ When everything seems to be going against you, remember that the airplane takes off against the wind, not with it. - Henry Ford The Moment You Think About Giving Up, Think Of The Reason Why You Held On So Long +1 Kudos if you find this post helpful Kudos [?]: 1005 [0], given: 81 Intern Joined: 02 Sep 2017 Posts: 3 Kudos [?]: 0 [0], given: 0 A radio station is giving away a total of$124,000 in August. If they [#permalink]

Show Tags

09 Oct 2017, 15:46
My approach to the problem was as follows: Since each day is increased by a consistent amount, you can view the problem as one dealing with an evenly spaced set. We know that for an evenly spaced set the mean= median. In this case the mean/ median= $4,000 (124,000/ 31). From there we know that the mean day is the 16th. So the the 1st day will be$1,500 less (15x100), or $2,500. Therefore, the answer is B Kudos [?]: 0 [0], given: 0 Target Test Prep Representative Status: Head GMAT Instructor Affiliations: Target Test Prep Joined: 04 Mar 2011 Posts: 1684 Kudos [?]: 906 [1], given: 5 Re: A radio station is giving away a total of$124,000 in August. If they [#permalink]

Show Tags

12 Oct 2017, 17:55
1
KUDOS
Expert's post
Bunuel wrote:
A radio station is giving away a total of $124,000 in August. If they increase the amount given away each day by$100, how much should they give away the first day?

A. $2,300 B.$2,500
C. $2,700 D.$2,900
E. $3,500 We can let x = the amount given away on the first day; thus, x + 100 = the amount given away on the second day, x + 200 = the amount given away on the third day, ... , x + 3,000 = the amount given away on the 30th day. We can create the following equation: x + (x + 100) + (x + 200) + … + (x + 3,000) = 124,000 However, since the terms on the left-hand side constitute an arithmetic progression, we can use the formula average x quantity = sum. First, we can determine the average by using the formula for the average of an evenly spaced set: average = (first + last)/2. average = [x + (x + 3,000)]/2 average = (2x + 3000)/2 = x + 1500 Let’s summarize the information that we have: average = (x + 1,500), quantity = 31, and sum = 124,000. Thus, we have: (x + 1,500)(31) = 124,000 x + 1,500 = 4,000 x = 2,500 Answer: B _________________ Jeffery Miller Head of GMAT Instruction GMAT Quant Self-Study Course 500+ lessons 3000+ practice problems 800+ HD solutions Kudos [?]: 906 [1], given: 5 Intern Joined: 06 Oct 2017 Posts: 2 Kudos [?]: 0 [0], given: 1 Re: A radio station is giving away a total of$124,000 in August. If they [#permalink]

Show Tags

15 Nov 2017, 10:46
Bunuel wrote:
A radio station is giving away a total of $124,000 in August. If they increase the amount given away each day by$100, how much should they give away the first day?

A. $2,300 B.$2,500
C. $2,700 D.$2,900
E. $3,500 Can someone tell me where I went wrong? Why is it that when I use 30 days for part 1 below instead of 31 days, I get the right answer? 1) 31 days in August therefore the sum of the incremental increases is: (first day + last day) / 2 .....(100+(31*100))/2 =$49,600
2) Test answers... $2500*31=$77,500
3) $77,500+$49,600=$127,100 Thanks!! Kudos [?]: 0 [0], given: 1 Director Joined: 25 Feb 2013 Posts: 560 Kudos [?]: 256 [1], given: 34 Location: India Schools: Mannheim"19 (S) GPA: 3.82 Re: A radio station is giving away a total of$124,000 in August. If they [#permalink]

Show Tags

15 Nov 2017, 11:49
1
KUDOS
YYZ wrote:
Bunuel wrote:
A radio station is giving away a total of $124,000 in August. If they increase the amount given away each day by$100, how much should they give away the first day?

A. $2,300 B.$2,500
C. $2,700 D.$2,900
E. $3,500 Can someone tell me where I went wrong? Why is it that when I use 30 days for part 1 below instead of 31 days, I get the right answer? 1) 31 days in August therefore the sum of the incremental increases is: (first day + last day) / 2 .....(100+(31*100))/2 =$49,600
2) Test answers... $2500*31=$77,500
3) $77,500+$49,600=$127,100 Thanks!! Hi YYZ the highlighted part is incorrect. 31 days are in totality. the 31st day i.e the last day will come after 30 days from the first day. hence you need to use 30 here Kudos [?]: 256 [1], given: 34 Re: A radio station is giving away a total of$124,000 in August. If they   [#permalink] 15 Nov 2017, 11:49
Display posts from previous: Sort by