GMAT Question of the Day: Daily via email | Daily via Instagram New to GMAT Club? Watch this Video

 It is currently 20 Jan 2020, 13:31

### GMAT Club Daily Prep

#### Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

# Before leaving on a trip, Ms. Rodes exchanged 500 United States dollar

Author Message
TAGS:

### Hide Tags

Senior PS Moderator
Joined: 26 Feb 2016
Posts: 3294
Location: India
GPA: 3.12
Before leaving on a trip, Ms. Rodes exchanged 500 United States dollar  [#permalink]

### Show Tags

Updated on: 02 Nov 2018, 04:21
00:00

Difficulty:

25% (medium)

Question Stats:

85% (02:07) correct 15% (03:00) wrong based on 52 sessions

### HideShow timer Statistics

Before leaving on a trip, Ms. Rodes exchanged 500 United States dollars for German marks at an exchange rate of 1.55 marks per dollar. When the trip was canceled, she exchanged the total amount of marks for dollars at an exchange rate of 0.60 dollar per mark. What was the total amount, in dollars, that she lost through the two transactions?

(A) $20.00 (B)$30.00
(C) $35.00 (D)$45.00

500 - 465 = $35 C is the correct answer Posted from my mobile device GMAT Club Legend Joined: 12 Sep 2015 Posts: 4217 Location: Canada Re: Before leaving on a trip, Ms. Rodes exchanged 500 United States dollar [#permalink] ### Show Tags 02 Dec 2019, 06:43 Top Contributor pushpitkc wrote: Before leaving on a trip, Ms. Rodes exchanged 500 United States dollars for German marks at an exchange rate of 1.55 marks per dollar. When the trip was canceled, she exchanged the total amount of marks for dollars at an exchange rate of 0.60 dollar per mark. What was the total amount, in dollars, that she lost through the two transactions? (A)$20.00
(B) $30.00 (C)$35.00
(D) $45.00 (E)$55.00

Let's use equivalent ratios to solve this question

Ms. Rodes exchanged 500 United States dollars for German marks at an exchange rate of 1.55 marks per dollar.
In other words: marks/dollars = 1.55/1

So, we can write: x/500 = 1.55/1
Cross multiply to get: x = (500)(1.55) = 775
So, $500 is equal to 775 marks When the trip was canceled, she exchanged the total amount of marks for dollars at an exchange rate of 0.60 dollar per mark. So she now wants to exchange her 775 marks to dollars. The new exchange rate is: dollars/marks = 0.6/1 So, we can write: y/775= 0.6/1 Cross multiply to get: y = (775)(0.6) = 465 dollars What was the total amount, in dollars, that she lost through the two transactions? Ms Rodes started with$500 and now has 465 dollars
$500 -$465 = $35 Answer: C Cheers, Brent _________________ Test confidently with gmatprepnow.com Manager Joined: 24 Sep 2019 Posts: 85 Re: Before leaving on a trip, Ms. Rodes exchanged 500 United States dollar [#permalink] ### Show Tags 02 Dec 2019, 12:14 Using a conversion ratio to marks:$500*$$\frac{1.55 marks}{1}$$=775 marks
converting back to dollars:
775 marks*$$\frac{0.6}{1 mark}$$= $465 500-465=$35
Ans=C
Target Test Prep Representative
Status: Founder & CEO
Affiliations: Target Test Prep
Joined: 14 Oct 2015
Posts: 9063
Location: United States (CA)
Re: Before leaving on a trip, Ms. Rodes exchanged 500 United States dollar  [#permalink]

### Show Tags

10 Dec 2019, 20:28
pushpitkc wrote:
Before leaving on a trip, Ms. Rodes exchanged 500 United States dollars for German marks at an exchange rate of 1.55 marks per dollar. When the trip was canceled, she exchanged the total amount of marks for dollars at an exchange rate of 0.60 dollar per mark. What was the total amount, in dollars, that she lost through the two transactions?

(A) $20.00 (B)$30.00
(C) $35.00 (D)$45.00
(E) \$55.00

First, Ms. Rodes received 500 x 1.55 = 775 marks from exchanging 500 dollars.

Next, when converting marks back to dollars, she received 775 x 0.6 = 465 dollars.

Thus, she lost 500 - 465 = 35 dollars.

_________________

# Scott Woodbury-Stewart

Founder and CEO

Scott@TargetTestPrep.com
181 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: Before leaving on a trip, Ms. Rodes exchanged 500 United States dollar   [#permalink] 10 Dec 2019, 20:28
Display posts from previous: Sort by