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Andrew started saving at the beginning of the year and had saved $240

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Andrew started saving at the beginning of the year and had saved $240 [#permalink]

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New post 23 Jun 2016, 12:03
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Andrew started saving at the beginning of the year and had saved $240 by the end of the year. He continued to save and by the end of 2 years had saved a total of $540. Which of the following is closest to the percent increase in the amount Andrew saved during the second year compared to the amount he saved during the first year?
A. 11%
B. 25%
C. 44%
D. 56%
E. 125%
[Reveal] Spoiler: OA

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Re: Andrew started saving at the beginning of the year and had saved $240 [#permalink]

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New post 23 Jun 2016, 12:17
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AbdurRakib wrote:
Andrew started saving at the beginning of the year and had saved $240 by the end of the year. He continued to save and by the end of 2 years had saved a total of $540. Which of the following is closest to the percent increase in the amount Andrew saved during the second year compared to the amount he saved during the first year?
A. 11%
B. 25%
C. 44%
D. 56%
E. 125%


( Savings in Year 1 ) + ( Savings in Year 2 ) = 540

240 + ( Savings in Year 2 ) = 540

( Savings in Year 2 ) = 300

Increase in saving in Year 2 = 60 ( 300 - 240 )

% increase in savings = \((\frac{60}{240}) 100\) =>25%

Hence answer will be (B) 25%


PS : AbdurRakib must say you are doing a great work , hats off for your efforts.... :wave
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Re: Andrew started saving at the beginning of the year and had saved $240 [#permalink]

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Percent increase in the amount Andrew saved during the second year compared to the amount he saved during the first year.

Percentage Change = ( Change in value / Original value ) * 100

Percentage Change = [ (Saving in 2nd year - Saving in 1st year ) / Saving in 1st year ] * 100

Saving in 2nd year + Saving in 1st year = 540
Saving in 2nd year + 240 = 540
Saving in 2nd year = 540 - 240 = 300

Change in Value = 300 - 240 = 60
Original Value = 240

Percentage Increase = (60 / 240 ) * 100 = (1/4 ) * 100 = 25 % ..... Answer B......

Please, consider giving kudos if you find my answer helpful in any way :) :good :thumbup:

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Re: Andrew started saving at the beginning of the year and had saved $240 [#permalink]

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New post 04 Jul 2017, 07:12
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Andrew started saving at the beginning of the year and had saved $240 [#permalink]

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New post 10 Jul 2017, 08:55
AbdurRakib wrote:
Andrew started saving at the beginning of the year and had saved $240 by the end of the year. He continued to save and by the end of 2 years had saved a total of $540. Which of the following is closest to the percent increase in the amount Andrew saved during the second year compared to the amount he saved during the first year?
A. 11%
B. 25%
C. 44%
D. 56%
E. 125%

I was a bit shocked at current stats of 45% incorrect.

Sometimes a simple sketch, for me, is better than an equation.

Andrew's savings from beginning to end of each year:

Year 1: 0$ ------> $240

Year 2: $240 ----> $540*

Year 1 amount saved is $240
Year 2 amt saved is (540 - 240) = $300

Percent increase = \(\frac{change}{original}\):

\(\frac{(300-240)}{240}\) = \(\frac{60}{240}\) = \(\frac{1}{4}\) = .25 x 100 = 25%

Answer B

*(Careful, maybe: I think it would be easy to misread "by the end of 2 years he had saved a total of $540" incorrectly as "at the end of the second year he had saved [another] $540." The latter yields answer E.)

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Re: Andrew started saving at the beginning of the year and had saved $240 [#permalink]

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New post 30 Sep 2017, 06:01
Difference of 2 years savings and 1 year savings = 540 - 240 = 300 ---> 2nd year savings
% increase in two years = (300 - 240)/240 * 100 = 25%
Option B

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Re: Andrew started saving at the beginning of the year and had saved $240   [#permalink] 30 Sep 2017, 06:01
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Andrew started saving at the beginning of the year and had saved $240

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