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05 Jul 2012, 08:04
2
6
00:00

Difficulty:

25% (medium)

Question Stats:

70% (01:26) correct 30% (01:43) wrong based on 365 sessions

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Ann can have her bicycle repaired for $50, or she can trade it in, as is, and receive$22 credit toward the purchase of a new bicycle that sells for $107. If Ann trades in her current bicycle, the cost to her of purchasing the new bicycle is what percent greater than the cost of having her current bicycle repaired? A. 44% B. 60% C. 70% D. 114% E. 170% _________________ Kudos if you like the post! Failing to plan is planning to fail. Math Expert Joined: 02 Sep 2009 Posts: 58390 Re: Ann can have her bicycle repaired for$50, or she can trade  [#permalink]

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05 Jul 2012, 08:11
Stiv wrote:
Ann can have her bicycle repaired for $50, or she can trade it in, as is, and receive$22 credit toward the purchase of a new bicycle that sells for $107. If Ann trades in her current bicycle, the cost to her of purchasing the new bicycle is what percent greater than the cost of having her current bicycle repaired? A. 44% B. 60% C. 70% D. 114% E. 170% The cost for repair is$50;
The cost of new bicycle is $107-$22=$85; So, the cost to Ann of purchasing the new bicycle is $$\frac{85-50}{50}*100=70%$$ greater than the cost of having her current bicycle repaired. Answer: C. _________________ Manager Joined: 19 Mar 2012 Posts: 143 Location: United States Concentration: Finance, General Management GMAT 1: 750 Q50 V42 GPA: 3.69 WE: Analyst (Mutual Funds and Brokerage) Re: Ann can have her bicycle repaired for$50, or she can trade  [#permalink]

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05 Jul 2012, 08:12
1
Stiv wrote:
Ann can have her bicycle repaired for $50, or she can trade it in, as is, and receive$22 credit toward the purchase of a new bicycle that sells for $107. If Ann trades in her current bicycle, the cost to her of purchasing the new bicycle is what percent greater than the cost of having her current bicycle repaired? A. 44% B. 60% C. 70% D. 114% E. 170% What we want to figure out is: (New Bike Cost) = (Old Bike Cost) x (1+n) where n is the percentage increase in cost. So: New Bike Cost =$107 - $22 =$85
Old Bike Cost = $50 Plugging it in: 85 = 50(1+n) n = (85/50) -1 = 70%. Answer is C. e-GMAT Representative Joined: 04 Jan 2015 Posts: 3074 Ann can have her bicycle repaired for$50, or she can trade  [#permalink]

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28 Apr 2015, 22:47
1
This is an easy question. Yet, as per the stats on this question, 1 out of 3 students who attempted it, got it wrong.

This happened probably because the question statement is wordy and seems convoluted. So, even though a student knows the concept of percentages well, he may not be able to frame the required equation.

If you've faced this challenge in this, or any other word problem, then please read on for the approach that you should apply in such questions.

At e-GMAT, we call this approach: 'From Unknown to Known.'

By Unknown, we mean, the piece of information that the question is asking you to find

By Known, we mean, the given pieces of information.

Here's how I would solve this question using our Approach:

Let the cost of purchasing the new bicycle (CPNB) be x% greater than the cost of getting the bicycle repaired (CR).

(Note that x is the unknown here. This is what the question is asking us to find.)

So, we can write: CPNB = (1+$$\frac{x}{100}$$)CR . . . (1)

From (1), it's clear that to find the value of x, we need to find the values of CPNB and CR.

CR = $50 (given) And, CPNB = (selling price of new bicycle) - (credit note) = 107 - 22 =$85

So, from (1) we get:

85 = (1+$$\frac{x}{100}$$)50

Upon solving this equation further, we get x = 70%

As you can see, this solution is not too different from the solutions posted above, in terms of the equations formed and the calculations done. The point of difference lies in the order in which I went about forming the equations and doing the calculations. I first wrote an expression for the unknown, and then, thought about finding whatever I needed (CPNB and CR) to get to the value of the unknown.

This approach of going 'From Unknown to Known' gives you a sense of direction in questions where you feel at a loss about what to do with all the data points, or how to even start. This approach acts as a compass that helps you navigate through the maze of given data, one step at a time, and there lies the power of this approach.

Hope this discussion was useful for you!

Best Regards

Japinder
_________________
Manager
Joined: 15 Mar 2015
Posts: 109

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16 May 2015, 23:36
2
Stiv wrote:
Ann can have her bicycle repaired for $50, or she can trade it in, as is, and receive$22 credit toward the purchase of a new bicycle that sells for $107. If Ann trades in her current bicycle, the cost to her of purchasing the new bicycle is what percent greater than the cost of having her current bicycle repaired? A. 44% B. 60% C. 70% D. 114% E. 170% So those who got it wrong, here is the key!! The difference between these 2 statements: 1. x is what percent of y (in this question the answer will be 170%) 2. x is what percent greater than y (in this question answer will be 70%) So, every word matters. Intern Joined: 12 Nov 2014 Posts: 18 Re: Ann can have her bicycle repaired for$50, or she can trade  [#permalink]

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25 Jan 2016, 21:49
1
I liked the explanation of AjChakravarthy. I couldn't understand any answers why 70 is answer until I saw down.
Manager
Joined: 31 Jul 2017
Posts: 197
Location: Tajikistan

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10 Oct 2018, 18:55
Stiv wrote:
Ann can have her bicycle repaired for $50, or she can trade it in, as is, and receive$22 credit toward the purchase of a new bicycle that sells for $107. If Ann trades in her current bicycle, the cost to her of purchasing the new bicycle is what percent greater than the cost of having her current bicycle repaired? A. 44% B. 60% C. 70% D. 114% E. 170% The cost of the new bicycle is 85 dollars after she trades in her current bicycle. So we need to determine 85 is what percent greater than 50: (85 - 50)/50 * 100 = 35/50 * 100 = 70 percent Answer: C _________________ # Scott Woodbury-Stewart Founder and CEO Scott@TargetTestPrep.com 122 Reviews 5-star rated online GMAT quant self study course See why Target Test Prep is the top rated GMAT quant course on GMAT Club. Read Our Reviews If you find one of my posts helpful, please take a moment to click on the "Kudos" button. Re: Ann can have her bicycle repaired for$50, or she can trade   [#permalink] 10 Oct 2018, 18:55
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