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# Beginning in January of last year, Carl made deposits of \$120 into his

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Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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08 Sep 2009, 11:58
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Beginning in January of last year, Carl made deposits of \$120 into his account on the 15th of each month for several consecutive months and then made withdrawals of \$50 from the account on the 15th of each of the remaining months of last year. There were no other transactions in the account last year. If the closing balance of Carl's account for May of last year was \$2,600, what was the range of the monthly closing balances of Carl's account last year?

(1) Last year the closing balance of Carl's account for April was less than \$2,625.
(2) Last year the closing balance of Carl's account for June was less than \$2,675.

OPEN DISCUSSION OF THIS QUESTION IS HERE: https://gmatclub.com/forum/beginning-in ... 26406.html
[Reveal] Spoiler: OA

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Last edited by Bunuel on 24 Jun 2017, 12:16, edited 2 times in total.

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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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08 Sep 2009, 14:42
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Beginning in January of last year, Carl made deposits of \$120 into his account on the 15th of each month for several consecutive months and then made withdrawals of \$50 from the account on the 15th of each of the remaining months of last year. There were no other transactions in the account last year. If the closing balance of Carl's account for May of last year was \$2,600, what was the range of the monthly closing balances of Carl's account last year?

(1) Last year the closing balance of Carl's account for April was less than \$2,625.
(2) Last year the closing balance of Carl's account for June was less than \$2,675.

To find the range we should know:
A. Balance before he started depositing, initial balance - we know that there was initial balance because for may balance was 2600 and maximum amount he could deposited for this period (from January till May) is: 5 months*120=600;
B. In which month Carl stopped depositing \$120 and started withdrawing \$50.

We have:
APRIL___MAY__JUNE
---?----\$2,600----?---

(1) April balance < 2625 --> he deposited in May;

Because if he didn't then April balance would have been \$2,600+50=\$,2650 and we know that in April balance was<2625:
APRIL____MAY__JUNE
2,480----\$2,600----?---

Notice that we can find the initial balance based on this info: \$2,600=x(initial balance)+5months*120 --> x+600=2600 --> x=2000.

Though this statement is still insufficient as we still don't know in which month Carl stopped depositing and started withdrawing.

(2) June balance < 2675 --> he didn't deposited in June --> he withdrew in June.

Because if he deposited, then in June deposit would have been May balance +\$120: \$2,600+\$120=\$2,720>\$2,675.
APRIL___MAY____JUNE
---?----\$2,600---\$2,550---

But again this statement is still insufficient as we still don't know when he started withdrawing, all we know it was not after June.

(1)+(2) We know that initial balance was \$2,000 and that Carl deposited in May and started withdrawing in June:
APRIL_____MAY____JUNE
\$2,480----\$2,600---\$2,550---

Thus we can find the range. Sufficient.

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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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08 Sep 2009, 15:06
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M: the closing balance on 1st Jan last year
x: the number of months that Carl made deposits of \$120 until May, with 1<= x <= 5
2600 = M + 120x - (5-x)*50 => 2600 = M +170x -250 => M +170x = 2850 (1)

1)
closing balance of Carl's account for April of last year was less than \$2,625
closing balance of Carl's account for May of last year was \$2,600
=> until May, Carl still deposits 120\$, if not, closing balance of Carl's account for May was less than \$2,625 - 50\$ < 2600\$

From (1), x=5 => M = 2850 - 170*5 = 2000
But we don't know when Carl stops deposit and begins withdraw
=> insufficient
2)
closing balance of Carl's account for June of last year was less than \$2,675
closing balance of Carl's account for May of last year was \$2,600
=> at least in June, Carl withdraws 50\$

closing balance of Carl's account at the end of last year = M + 120x - (12-x)*50 = M + 170x - 600 = 2850-600 = 2250
(Replace M +170x = 2850 from (1))

=> so we know from June to December, Carl withdraws 50\$ each month and at the end of last year, the closing balance was 2250.
But we still don't know from Jan to May, at which month he begins to withdraw => insufficient

Ans: C

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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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26 Oct 2009, 06:34
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Beginning in January of last year, Carl made deposits of \$120 into his account on the 15th of each month for several consecutive months and then made withdrawals of \$50 from the account on the 15th of each of the remaining months of last year. There were no other transactions in the account last year. If the closing balance of Carl's account for May of last year was \$2,600, what was the range of the monthly closing balances of Carl's account last year?

(1) Last year the closing balance of Carl's account for April was less than \$2,625.

(2) Last year the closing balance of Carl's account for June was less than \$2,675

Last edited by Bunuel on 12 Jul 2013, 02:55, edited 1 time in total.
Renamed the topic and edited the question.

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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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26 Oct 2009, 08:13
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gmat620 wrote:
Below is the question from OG, a real tough one. I am totally clueless on this one. Please help me out. Thanks in advance

Beginning in January of last year, Carl made deposits of \$120 into his account on the 15th of each month for several consecutive months and then made withdrawals of \$50 from the account on the 15th of each of the remaining months of last year. There were no other transactions in the account last year. If the closing balance of Carl's account for May of last year was \$2,600, what was the range of the monthly closing balances of Carl's account last year?

(1) Last year the closing balance of Carl's account for April was less than \$2,625.

(2) Last year the closing balance of Carl's account for June was less than \$2,675

To find the range we should know:
A. Balance before he started depositing, initial balance = x (we know that there was initial balance because for may balance was 2600 and maximum amount he could deposited for this period is: 5 months*120=600).
B. Till what month he deposited \$120.
C. From which month he started withdrawing \$50.

(1) April balance< 2625 --> he deposited in May
(Because if he didn't then April balance=2600+50=2650 and we know that in April balance was<2625).
So for may balance=2600=x(initial balance)+5months*120 --> x+600=2600 --> x=2000.
We know initial balance, but we still don't know: till what month he deposited \$120 and from which month he started withdrawing \$50
Not sufficient

(2) June balance < 2675 --> he didn't deposited in June --> he withdrawed in June (if he deposited, in June deposit would be May balance 2600+120=2720>2675)
Not sufficient

(1)+(2) we know:
Initial balance: x=2000
Till what month he deposited \$120: till May
From which month he started withdrawing \$50: from June
Sufficient C.
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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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28 Oct 2009, 02:28
IMO, this is not a very tough 750 lvl question. Bunuel showed the elaborate way of solving the problem. Since it is a DS question, you actually do not need to calculate that much either.
From 1) We know that Carl deposited money in May (and thus in the previous months). However, we do not know how long he continued depositing. From 2) We know that he withdrew money in June, but it does not say from when he started withdrawing. Combining both, by subtracting 120 for each previous months from May and also subtracting 50 for the coming months we will get figures. From there we can find the range.

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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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28 Oct 2009, 21:26
I remember this Q from OG as well and think it is a tough one. Gave it up half way (after spending ~5 mins).
Looks simple with Bunuel's explanation, but still I'm not sure if I'd be able to handle such a wordy problem in test conditions

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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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29 Oct 2009, 01:44
statement 1:
==========
tells about the closing balance in April .Since May was higher than April,he must have deposited 120 in May.But no info about after May.Nt suff

statement 2:
==========
Since June is less than May,he must have withdrawn in June.No info about months prior to May.
Nt suff

combining both we get to know that he stopped the deposit in May and started the withdrawal in June.

I will go with option C

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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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01 Nov 2009, 01:26
Not very tough but a tricky one..need to draw correct inferences from the statments to arrive at the right option..Gud explanation by Bunnel!

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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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25 Feb 2011, 23:40
From (1), if in April, (P + Deposit - Withdrawl) < 2625, and in May it was 2600, then there could have been only deposit till May as during withdrawl in May the total amount would be < 2600 (even for Max amount 2624.99)

=> 2600 - 120* 5 = 2600 - 600 = 2000 = P (Initial deposit)

Not sufficient though.

Now, from (2) , For June < 2675, so there can be only withdrawl, no deposit as 2600 + 120 = 2720 > 2675
Not sufficient again.
Hence, from June onwards only withdrawl and initial deposit is known, so answer is C
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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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06 Jul 2011, 01:54
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you have to find the range- if you know all months' closing balances you can find the range
We know that balance at may end is 2600.
now, on 15th may either a +120 happened or a -50 happened.
That is at april end balance can be 2480 or 2650
april balance is told as less than 2625 -- cant be 2650 -- so a -50 didnt happen-- a +120 happened--for all preceding months =120 would have happened-- so all preceding months balance can be known-
Statement 1 tells us balance from month of jan to may, but doesnt tell us anything about jun to dec- not sufficient to find range
Now, if may end was 2600, on june 15 either a +120 or a -50 will happen. June balance at clsoing will be 2720 or 2550
Statement 2 says it was less than 2675. so it is not 2720, has to be 2550. that is a -50 happened in june.
Now that -50 has started to happen, it will keep happening till end of dec. so by subtracting -50 repeatedly, we can find closing balance fro months of jun to dec.
range can be found if both statements are used together
hence C

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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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28 Jan 2012, 18:10
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What we need to know is when carl starts withdrawing balances. 1 tells us that he is still depositing but we dont know when he is withdrawing. 2 tells us that he has withdrawn money but we still dont know when he started to withdraw. both tells us when he was still depositing and when he withdrew money.

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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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24 Oct 2013, 14:24
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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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04 Feb 2014, 21:29
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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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08 Nov 2014, 11:52
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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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23 Apr 2015, 02:49
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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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12 Jan 2016, 11:20
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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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14 Apr 2016, 08:31
This question is quite hard to crack in the real time, in which someone is pressed for time and seeping the exam pressure. It's a blinder not only because the complexity involved with it but also because it's very time consuming, for one have to articulate many fragments and then compute everything altogether.

How likely is it to face these sort of questions on exam, I mean at what level? I'm assuming this should be 97-99% decider!

Any wisdom from experienced GMAT exam takers,who touched Q49-51, on this?

PS: This is a great question that elaborates how well exam makers can make things tough for exam taker .
Thanks
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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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28 Jul 2016, 19:36
Bunuel wrote:
Beginning in January of last year, Carl made deposits of \$120 into his account on the 15th of each month for several consecutive months and then made withdrawals of \$50 from the account on the 15th of each of the remaining months of last year. There were no other transactions in the account last year. If the closing balance of Carl's account for May of last year was \$2,600, what was the range of the monthly closing balances of Carl's account last year?

(1) Last year the closing balance of Carl's account for April was less than \$2,625.
(2) Last year the closing balance of Carl's account for June was less than \$2,675.

To find the range we should know:
A. Balance before he started depositing, initial balance - we know that there was initial balance because for may balance was 2600 and maximum amount he could deposited for this period (from January till May) is: 5 months*120=600;
B. In which month Carl stopped depositing \$120 and started withdrawing \$50.

We have:
APRIL___MAY__JUNE
---?----\$2,600----?---

(1) April balance < 2625 --> he deposited in May;

Because if he didn't then April balance would have been \$2,600+50=\$,2650 and we know that in April balance was<2625:
APRIL____MAY__JUNE
2,480----\$2,600----?---

Notice that we can find the initial balance based on this info: \$2,600=x(initial balance)+5months*120 --> x+600=2600 --> x=2000.

Though this statement is still insufficient as we still don't know in which month Carl stopped depositing and started withdrawing.

(2) June balance < 2675 --> he didn't deposited in June --> he withdrew in June.

Because if he deposited, then in June deposit would have been May balance +\$120: \$2,600+\$120=\$2,720>\$2,675.
APRIL___MAY____JUNE
---?----\$2,600---\$2,550---

But again this statement is still insufficient as we still don't know when he started withdrawing, all we know it was not after June.

(1)+(2) We know that initial balance was \$2,000 and that Carl deposited in May and started withdrawing in June:
APRIL_____MAY____JUNE
\$2,480----\$2,600---\$2,550---

Thus we can find the range. Sufficient.

I am unable to understand the explanation for the first statement! can someone explain plz

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Re: Beginning in January of last year, Carl made deposits of \$120 into his [#permalink]

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30 Aug 2016, 09:11
HBSdetermined wrote:
Bunuel wrote:
Beginning in January of last year, Carl made deposits of \$120 into his account on the 15th of each month for several consecutive months and then made withdrawals of \$50 from the account on the 15th of each of the remaining months of last year. There were no other transactions in the account last year. If the closing balance of Carl's account for May of last year was \$2,600, what was the range of the monthly closing balances of Carl's account last year?

(1) Last year the closing balance of Carl's account for April was less than \$2,625.
(2) Last year the closing balance of Carl's account for June was less than \$2,675.

To find the range we should know:
A. Balance before he started depositing, initial balance - we know that there was initial balance because for may balance was 2600 and maximum amount he could deposited for this period (from January till May) is: 5 months*120=600;
B. In which month Carl stopped depositing \$120 and started withdrawing \$50.

We have:
APRIL___MAY__JUNE
---?----\$2,600----?---

(1) April balance < 2625 --> he deposited in May;

Because if he didn't then April balance would have been \$2,600+50=\$,2650 and we know that in April balance was<2625:
APRIL____MAY__JUNE
2,480----\$2,600----?---

Notice that we can find the initial balance based on this info: \$2,600=x(initial balance)+5months*120 --> x+600=2600 --> x=2000.

Though this statement is still insufficient as we still don't know in which month Carl stopped depositing and started withdrawing.

(2) June balance < 2675 --> he didn't deposited in June --> he withdrew in June.

Because if he deposited, then in June deposit would have been May balance +\$120: \$2,600+\$120=\$2,720>\$2,675.
APRIL___MAY____JUNE
---?----\$2,600---\$2,550---

But again this statement is still insufficient as we still don't know when he started withdrawing, all we know it was not after June.

(1)+(2) We know that initial balance was \$2,000 and that Carl deposited in May and started withdrawing in June:
APRIL_____MAY____JUNE
\$2,480----\$2,600---\$2,550---

Thus we can find the range. Sufficient.

I am unable to understand the explanation for the first statement! can someone explain plz

I will try to be as brief as possible,

Notice statement 1 states: April balance is less than 2675 and we are given information that Carl made deposits of \$120 per month also closing balance in may is \$2600. If, you reverse calculate as explained above you get initial balance as \$2000 and if you stop till April you get balance as \$2480 which is less than \$2675 = Sufficient

But our objective is to find out range so we would require information on withdrawals too. Statement 1 gives only us hint about deposits since the balance is increasing = Not Sufficient

This is my first post pardon me if I'm wrong.

HBSdetermined

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Re: Beginning in January of last year, Carl made deposits of \$120 into his   [#permalink] 30 Aug 2016, 09:11

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