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07 Dec 2012, 05:31
2
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Difficulty:

5% (low)

Question Stats:

80% (00:58) correct 20% (01:08) wrong based on 1031 sessions

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A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was$320 million, approximately what was the percent increase in sales?

(A) 2%
(B) 17%
(C) 20%
(D) 65%
(E) 83%
[Reveal] Spoiler: OA

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Re: A store reported total sales of $385 million for February of [#permalink] ### Show Tags 07 Dec 2012, 05:35 Expert's post 3 This post was BOOKMARKED Walkabout wrote: A store reported total sales of$385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales? (A) 2% (B) 17% (C) 20% (D) 65% (E) 83% Last year's sales =$320 million;
This year's sales = $385 million; Increase =$65 million.

Now, 20% of $320 million is$64 million, which is very close to actual increase of $65 million. Answer: C. OR: General formula for percent increase or decrease, or percent change: $$Percent=\frac{Change}{Original}*100$$ --> $$Percent=\frac{65}{320}*100=\frac{13}{64}*100\approx{\frac{13}{65}}*100=20%$$. Answer: C. _________________ Kudos [?]: 133019 [0], given: 12402 Intern Joined: 06 Jun 2012 Posts: 18 Kudos [?]: [0], given: 9 Re: A store reported total sales of$385 million for February of [#permalink]

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15 Dec 2012, 02:45
This might sound stupid, but how do we know that we need to round up 64 to 65 without losing to much time. I did this question before and it took over 2 min before i knew that i had to round 64 to 65 in order to solve the problem. Do you have any trick in mind?

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11 Sep 2014, 07:09
A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was$320 million, approximately what was the percent increase in sales?

(A) 2%
(B) 17%
(C) 20%
(D) 65%
(E) 83%

last year= 320
this year = 385

((385-320)/320)*100 = (65/320 )*100 approx.. 20

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20 Oct 2015, 03:42
Hello from the GMAT Club BumpBot!

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07 Jun 2016, 11:09
A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was$320 million, approximately what was the percent increase in sales?

(A) 2%
(B) 17%
(C) 20%
(D) 65%
(E) 83%

The problem is testing us on using the percent change formula:

(New Value – Old Value)/Old Value x 100

We are given:

February sales this year = 385 million

February sales last year = 320 million

We need to determine the percent increase between sales from last year to sales this year.

Thus, the new value = 385 million and the old value = 320 million. Let’s plug them into our percent change formula.

(New Value – Old Value)/Old Value x 100

[(385 – 320)/320] x 100

65/320 x 100

13/64 x 100 ≈ 13/65 x 100 ≈ 1/5 x 100 ≈ 20%.

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Re: A store reported total sales of $385 million for February of [#permalink] ### Show Tags 22 Sep 2017, 12:19 Hello from the GMAT Club BumpBot! Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos). Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email. _________________ Kudos [?]: 283 [0], given: 0 Re: A store reported total sales of$385 million for February of   [#permalink] 22 Sep 2017, 12:19
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