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For the first quarter of 1980, the profits of a certain food-market ch
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Bunuel
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For the first quarter of 1980, the profits of a certain food-market ch [#permalink] New post  22 May 2020, 09:56
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For the first quarter of 1980, the profits of a certain food-market chain amounted to $49,350,000. If this figure is 5 percent higher than the profits for the first quarter of 1979, what was the amount of the increase?

A. $350,000
B. $2,350,000
C. $2,467,500
D. $4,688,250
E. $4,700,000


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Attempt only this question Same topic and source Same topic and difficulty Same source and difficulty Random Chronological Reverse chronological Learn more
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Batman117
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Re: For the first quarter of 1980, the profits of a certain food-market ch [#permalink] New post  22 May 2020, 10:12
1979 FQ profit is X
1980 FQ profit is 1.05X
Now 1.05X = 49350000
So X =47000000
And amount increase is =2350000

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Archit3110
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Re: For the first quarter of 1980, the profits of a certain food-market ch [#permalink] New post  22 May 2020, 18:16
Bunuel wrote:
For the first quarter of 1980, the profits of a certain food-market chain amounted to $49,350,000. If this figure is 5 percent higher than the profits for the first quarter of 1979, what was the amount of the increase?

A. $350,000
B. $2,350,000
C. $2,467,500
D. $4,688,250
E. $4,700,000


PS20396


1980 = 4935*10^4 which is 1.05 of 1979
4935*10^4 = x *1.05
x= 47*10^6
so ∆ = 4935*10^4-47*10^6 ; 2350,000
OPTION B
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NitishJain
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Re: For the first quarter of 1980, the profits of a certain food-market ch [#permalink] New post  23 May 2020, 23:55
B.

Let the profit in 1979 = X
Profit in 1980 = 49,350,000 = 5% more than Profit from 1979 = X + 5% of X
OR 49,350,000 = (105X)/100

Solving for X; X = 47,00,000

Increase in Profit: 49,350,00 - 47,000,000 = 2,350,000
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ABH06
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Re: For the first quarter of 1980, the profits of a certain food-market ch [#permalink] New post  13 Jan 2021, 04:13
Does anyone have any tips for completing this question in under 2 minutes? The maths is easily done on a calculator, but I'm struggling to do it in the allowed time with just pen and paper.
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johnalexander96
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Re: For the first quarter of 1980, the profits of a certain food-market ch [#permalink] New post  20 Jan 2021, 02:52
ABH06 wrote:
Does anyone have any tips for completing this question in under 2 minutes? The maths is easily done on a calculator, but I'm struggling to do it in the allowed time with just pen and paper.


You can use the written/long division method once you figured that X=98700000/21
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Ankita890
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Re: For the first quarter of 1980, the profits of a certain food-market ch [#permalink] New post  02 Feb 2021, 10:00
ABH06 wrote:
Does anyone have any tips for completing this question in under 2 minutes? The maths is easily done on a calculator, but I'm struggling to do it in the allowed time with just pen and paper.



Let the amount in 1979 be X
Then,

49350000= X(105/100)

X= (49350000 x 20) / 21

Instead of solving this keep going,

Difference between the two amounts=

(49350000 ) - ((49350000 x 20) / 21)

= ((49350000 x 21) / 21)) - ((49350000 x 20) / 21)

Take 4935000 in common which gives you

= (49350000 (21-20)) / 21)

= (49350000 x 1) / 21

As you can see the division is quite simple.

Ans: 2350000 (B)
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ra96
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Re: For the first quarter of 1980, the profits of a certain food-market ch [#permalink] New post  29 Jul 2021, 08:44
Why cant 49350000 be multiplied by 0.95 then that product is the amount the increase occurred from and can't you just subtract those two to get the difference? You can use the multiplier for percent increase or decrease so you add to 1 or subtract from one accordingly? When I do that I get C. Or am I thinking of this wrong?
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Re: For the first quarter of 1980, the profits of a certain food-market ch [#permalink]
29 Jul 2021, 08:44
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