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Dick and Jane each saved $3,000 in 1989. In 1990 Dick saved
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Updated on: 04 Jan 2013, 03:01
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Difficulty:
35% (medium)
Question Stats:
72% (02:02) correct 28% (02:07) wrong based on 295 sessions
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Dick and Jane each saved $3,000 in 1989. In 1990 Dick saved 8 percent more than in 1989, and together he and Jane saved a total of $5,000. Approximately what percent less did Jane save in 1990 than in 1989?
Concentration: Entrepreneurship, International Business
GMAT 1: 440 Q33 V13
GPA: 3
Re: Dick and Jane each saved $3,000 in 1989. In 1990 Dick saved
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07 Jan 2013, 19:49
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carcass wrote:
Dick and Jane each saved $3,000 in 1989. In 1990 Dick saved 8 percent more than in 1989, and together he and Jane saved a total of $5,000. Approximately what percent less did Jane save in 1990 than in 1989?
A. 8% B. 25% C. 41% D. 59% E. 70%
I did in usual way.. pretty lengthy one...
Dick -> increased by 8% of 3000 = 240 , so Dick share in 1990 will be 3240. Jane --> decreased by x% of 3000, so Jane share in 1990 will be \(3000(1- x/100 )\)
\(3240 + 3000 (1- x/100 ) = 5000\)
\(1- x/100 = 166 / 300\)
x= 41% (approx)
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Re: Dick and Jane each saved $3,000 in 1989. In 1990 Dick saved
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10 Oct 2018, 10:22
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carcass wrote:
Dick and Jane each saved $3,000 in 1989. In 1990 Dick saved 8 percent more than in 1989, and together he and Jane saved a total of $5,000. Approximately what percent less did Jane save in 1990 than in 1989?
A. 8% B. 25% C. 41% D. 59% E. 70%
In 1990, Dick saved 8 percent more than in 1989 So, Dick's savings in 1990 = 1.08($3000) = $3240
In 1990, Dick and Jane saved a total of $5,000. So, Jane's savings = $5,000 - $3240 = $1760
Approximately what percent less did Jane save in 1990 than in 1989? In 1989, Jane saved $3000 $3000 - $1760 = $1240
ASIDE: We COULD convert $1240/$3000 to a percent, but that's no fun! A faster approach is to use the answer choices to our advantage (ALWAYS check the answer choices before performing any calculations) Notice that $1500/$3000 = 1/2 = 50% So, $1240/$3000 must be a little less than 50%
Re: Dick and Jane each saved $3,000 in 1989. In 1990 Dick saved
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10 Oct 2018, 10:36
This is a great example of a question where estimating can save you a ton of time. The answer choices are pretty spread out, so you don't need to be accurate with your calculations. Accuracy takes time and time is your precious resource on the GMAT.
First, estimate the amount Dick saved in 1990. No need to calculate an 8% increase - round up to a 10% increase - estimate that Dick saved $3,300. If Dick saved $3,300, Jane saved $1,700. What is the percentage decrease from $3,000 to $1,700? Use benchmarks to eliminate answers. Is the percent decrease 50% or greater? No - that would result in Jane saving $1,500. Eliminate D and E.
Is the reduction to $1,700 greater than a 25% decrease? Yes! A 25% decrease would be $2,250. Eliminate A and B