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

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A tourist purchased a total of $1,500 worth of traveler’s  [#permalink]

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New post 23 Mar 2011, 10:37
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Question Stats:

70% (02:19) correct 30% (02:48) wrong based on 251 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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Re: Minimum Possible Value  [#permalink]

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New post 23 Mar 2011, 12:07
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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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Re: Minimum Possible Value  [#permalink]

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New post 23 Mar 2011, 11:59
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jamifahad wrote:
Hi, Please help me with this question.

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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Re: Minimum Possible Value  [#permalink]

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New post 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
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Re: Minimum Possible Value  [#permalink]

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New post 23 Mar 2011, 22:46
Thank you guys. Guess i got confused with wordings.
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Re: Minimum Possible Value  [#permalink]

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New post 25 Mar 2011, 21:13
jamifahad wrote:
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.
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Re: Minimum Possible Value  [#permalink]

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


For such kind of questions, i always write stuff down.
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Re: A tourist purchased a total of $1,500 worth of traveler’s  [#permalink]

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New post 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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Re: A tourist purchased a total of $1,500 worth of traveler’s &nbs [#permalink] 23 Dec 2017, 23:12
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