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# A tourist purchased a total of \$1,500 worth of traveler’s

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Senior Manager
Joined: 03 Mar 2010
Posts: 372
Schools: Simon '16 (M\$)
A tourist purchased a total of \$1,500 worth of traveler’s  [#permalink]

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23 Mar 2011, 10:37
2
11
00:00

Difficulty:

55% (hard)

Question Stats:

71% (02:23) correct 29% (02:55) wrong based on 285 sessions

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A tourist purchased a total of \$1,500 worth of traveler’s checks in \$10 and \$50 denominations, During the trip the tourist cashed 7 checks and then lost all of the rest. If the number of \$10 checks cashed was one more or one less than the number of \$50 checks cashed, what is the minimum possible value of the checks that were lost?

(A) \$1,430
(B) \$1,310
(C) \$1,290
(D) \$1,270
(E) \$1,150

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Joined: 07 Mar 2011
Posts: 19
Location: Florida
Schools: Ross, Cornell, NYU, Duke, Darden
WE 1: 5 yrs Investment Banking

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23 Mar 2011, 12:07
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2
Since you are looking for the minimum possible value of checks lost, you have to maximize the value of the 7 cashed checks. To maximize: out of the 7 cashed checks, 3 have to be 10\$ and 4 need to be \$50.
3(\$10) + 4(50) = 230

\$1500 - 230 = 1270
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23 Mar 2011, 11:59
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A tourist purchased a total of \$1,500 worth of traveler’s checks in \$10 and \$50 denominations, During the trip the tourist cashed 7 checks and then lost all of the rest. If the number of \$10 checks cashed was one more or one less than the number of \$50 checks cashed, what is the minimum possible value of the checks that were lost?

(A) \$1,430 (B) \$1,310 (C) \$1,290 (D) \$1,270 (E) \$1,150

Thank you.

The right forum for problem solving question is: http://gmatclub.com/forum/gmat-problem-solving-ps-140/. Please post your PS questions there.

Sol:

Let the number of \$10 checks cashed be "T"
Let the number of \$50 checks cashed be "F"

7 checks cashed;
T+F=7

Now; T can be F+1 OR T can be F-1

Let's check both conditions;
T=F+1
T+F=7
F+1+F=7
2F=6
F=3
T=4
Value cashed = 3*50+4*10=150+40=\$190

Let's check the other condition as well;

T=F-1
T+F=7
F-1+F=7
2F=8
F=4
T=3
Value cashed = 4*50+3*10=200+30=\$230

The more money he cashes, the less loss he incurs. Thus, we must consider the latter case.

Value cashed = \$230
Value lost = 1500-230 = \$1270

Ans: "D"
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23 Mar 2011, 12:23
since total cashed checks = 7 ans \$10 check cashed = one less or more than \$50 checks
Therefore either \$10 checks = 3 and \$50 checks = 4 OR \$10 checks = 4 and \$50 checks = 3

using this information 1st option gives us the maximum cashed value therefore if we negate this value from total value we will get minimum value of which checks have lost

Therfore 1500 - 230 = 1270 hence answer is D
Senior Manager
Joined: 03 Mar 2010
Posts: 372
Schools: Simon '16 (M\$)

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23 Mar 2011, 22:46
Thank you guys. Guess i got confused with wordings.
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Status: Targeting 750+
Joined: 27 Feb 2011
Posts: 15
Location: Chennai, India

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25 Mar 2011, 21:13
Thank you guys. Guess i got confused with wordings.

Its more of a trick question than anything else. To tackle such stuff, It will he helpful to read the question probably again and then make a note on the work sheet on what exactly is needed. In this,m "Minimum loss" or "Find least loss outcome?" etc , just a remainder for you to check before submitting an answer.
Manager
Joined: 27 May 2010
Posts: 166

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26 Mar 2011, 08:47
Thank you guys. Guess i got confused with wordings.

For such kind of questions, i always write stuff down.
Manager
Joined: 24 Oct 2013
Posts: 134
Location: India
Concentration: General Management, Strategy
WE: Information Technology (Computer Software)
Re: A tourist purchased a total of \$1,500 worth of traveler’s  [#permalink]

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26 Sep 2016, 22:32
10 x + 15 y = 1500
50 and 10 denominations can be either 4 and 3 or 3 and 4
to minimise the lost money, we have to maximize the money used

so 4 - 50\$ and 3 10\$ are used which equates to 230

subtracting 230 from 1500 = 1270 answer
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Re: A tourist purchased a total of \$1,500 worth of traveler’s  [#permalink]

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05 Jan 2019, 05:34
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Re: A tourist purchased a total of \$1,500 worth of traveler’s   [#permalink] 05 Jan 2019, 05:34
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