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After a performance review, Steve’s salary is increased by 5%. After a

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After a performance review, Steve’s salary is increased by 5%. After a  [#permalink]

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New post Updated on: 18 Mar 2017, 00:34
1
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A
B
C
D
E

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  15% (low)

Question Stats:

88% (00:39) correct 12% (01:48) wrong based on 26 sessions

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After a performance review, Steve’s salary is increased by 5%. After a second performance review, Steve’s new salary is increased by 20%. This series of raises is equivalent to a single raise of

A. 25%
B. 26%
C. 27%
D. 30%
E. 32%

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Originally posted by SajjadAhmad on 17 Mar 2017, 11:20.
Last edited by SajjadAhmad on 18 Mar 2017, 00:34, edited 1 time in total.
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Re: After a performance review, Steve’s salary is increased by 5%. After a  [#permalink]

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New post 17 Mar 2017, 13:43
1
Let Steve’s Initial salary = 100x

Steve’s salary after first performance review increased by 5% that makes his salary = 100x * 1.05 = 105x

Steve’s salary after second performance review increased by 20% that makes his salary = 105x * 1.2 = 126x

This series of raises is equivalent to a single raise of = 26%

Answer is B. 26%

SajjadAhmad, could you please confirm if the OA is B or C, as I got B.
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User avatar
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Status: Preparing for the GMAT
Joined: 02 Nov 2016
Posts: 1672
Location: Pakistan
GPA: 3.39
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Re: After a performance review, Steve’s salary is increased by 5%. After a  [#permalink]

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New post 18 Mar 2017, 00:33
quantumliner wrote:
Let Steve’s Initial salary = 100x

Steve’s salary after first performance review increased by 5% that makes his salary = 100x * 1.05 = 105x

Steve’s salary after second performance review increased by 20% that makes his salary = 105x * 1.2 = 126x

This series of raises is equivalent to a single raise of = 26%

Answer is B. 26%

SajjadAhmad, could you please confirm if the OA is B or C, as I got B.


Hi,

There was a problem with book page number so many of the question i have posted got wrong answers , i have updated the answer, it B
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Re: After a performance review, Steve’s salary is increased by 5%. After a &nbs [#permalink] 18 Mar 2017, 00:33
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