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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 17 Mar 2017, 10:20
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86% (00:40) correct 14% (01:48) wrong based on 22 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%
[Reveal] Spoiler: OA

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Last edited by SajjadAhmad on 17 Mar 2017, 23:34, 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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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.
VP
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Status: Preparing for the GMAT
Joined: 02 Nov 2016
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Location: Pakistan
GPA: 3.4
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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, 23:33
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   [#permalink] 17 Mar 2017, 23:33
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After a performance review, Steve’s salary is increased by 5%. After a

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