If today the price of an item is $3,600, what was the price of the ite

Question

If today the price of an item is $3,600, what was the price of the item exactly 2 years ago?

(1) The price of the item increased by 10 per-cent per year during this 2-year period.
(2) Today the price of the item is 1.21 times its price exactly 2 years ago.

aashi1 · Accepted Answer

Current price = $3,600

1) Price increased by 10%. Say the price 2 years ago is p

So,  \frac{3600-p}{p} = \frac{10}{100}

p can be determined from here. Hence, sufficient.

2) Price today is 1.21 times before 2 years. Say the price 2 years ago is p

So, 3600 = 1.21p

p can be determined from here. Hence, sufficient.

Hence, D

Bunuel · Answer

You should now that options for DS questions are always the same and usually omitted on the site.

The data sufficiency problem consists of a question and two statements, labeled (1) and (2), in which certain data are given. You have to decide whether the data given in the statements are sufficient for answering the question. Using the data given in the statements, plus your knowledge of mathematics and everyday facts (such as the number of days in July or the meaning of the word counterclockwise), you must indicate whether—

A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.
B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.
C. BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question asked.
D. EACH statement ALONE is sufficient to answer the question asked.
E. Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.

I suggest you to go through the following post  ALL YOU NEED FOR QUANT .

Hope this helps.

alphab · Answer

1 is sufficient but it's compounding so would be 21/100

pav2305 · Answer

Hi, I am new to this club. I am not able to see the options for the DS questions. Can someone please help me.. Thank you

vfost906 · Answer

I'm not sure I understand the math, how does 3600-2/2= 10/100?

SorasGirlKairi · Answer

There's a formula for percent change (in this case they give you it: 10%) the formula is: % change = \frac{ final price - initial price }{ initial price} * 100 using the equation we get... p = initial price \frac{3600 - p}{p} * 100 = 10% \frac{3600 - p}{p} = 10/100 and since p is the only variable, you can solve for p

aka sufficient

AhmedDream · Answer

x now = (10%)*2*X old 
X old = X now /1.2
X now : 3600 $
X old is Ok
State 1 is sufficient

X now = 1.21 X old 
X old = X now /1.21 
X now : 3600 $ 
X old is Ok 
State 2 is sufficient

John_1 · Answer

The first formula needs to be iterated twice:

(3600 - p)/p *100 = 10 -> p = 3272.7 It's the value one year ago
(3272.7 - p)/p *100 = 10 -> p = 2975.18 It's the value two years ago

As proof tha calculation of the second formula matches:

3600 = 1.21p -> p = 2975.21

Sebastian55 · Answer

Hi Pav, 
These will always be the answers and they will always be in this order.

A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked. 
 B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked. 
 C. BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question asked. 
 D. EACH statement ALONE is sufficient to answer the question asked. 
 E. Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.

If today the price of an item is $3,600, what was the price of the ite

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GMAT Data Sufficiency (DS) Questions

If today the price of an item is $3,600, what was the price of the ite

Prep Toolkit

615 to 715 in 15 Days (Ria's Strategies)

More than Quant/Verbal Abilities: Speed vs. Accuracy

745 with Only Self-Prep and GMAT Club

From 555 to 765: 210-point Improvement

Perfect 805 Score Debrief by Julia

My Rewards