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rasta
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Joined: 25 Jul 2011
Last visit: 20 Feb 2023
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Location: India
Concentration: Strategy, General Management
Schools: ISB '17 Said'16 AGSM '16 INSEAD Jan '16 LBS Imperial '18
GMAT 1: 730 Q50 V40
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Schools: ISB '17 Said'16 AGSM '16 INSEAD Jan '16 LBS Imperial '18
GMAT 1: 730 Q50 V40
GRE 1: Q800 V800
Posts: 299
10 Oct 2011, 10:58
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GMAT Club invites you to test your GRE knowledge for a chance to win! Each week, we will post a new Challenge Problem for you to attempt. If you submit the correct answer, you will be entered into that week’s drawing for a free Manhattan GRE Strategy guide (e-book). What are you waiting for? Get out your scrap paper and start solving! Click here to view contest & prize details
This week's question:
A survey was sent to 80 customers, 7 of whom responded. Then the survey was redesigned and sent to another 63 customers, 9 of whom responded. By approximately what percent did the response rate increase from the original survey to the redesigned survey?
A.) 2%
B.) 5%
C.) 14%
D.) 28%
E.) 63%
Please post your answer, along with the explanation, below. Get cracking!
Moderator Note: This challenge is now closed.
Solution
To calculate the percent increase of any value, we use this formula: (New – Old)/Old. In other words, we subtract the original value (Old) from the increased value (New), then divide the result by the original value (Old). Even though the values themselves may be written using percents, we must be sure to divide by the original value.
In this problem, the original response rate is 7/80. The new response rate is 9/63, or 1/7. The difference is 1/7 – 7/80. We convert to common denominators: 80/560 – 49/560 = 31/560. Now, we divide by the original value, 7/80. Doing so is the same as multiplying by 80/7. This gives us (31/560)(80/7) = 31/49. Estimating, we can see that this fraction is slightly more than 30/50, which is 60/100 or 60%. Thus, the correct answer must be (E): 63%.
Note that the response rates may be written as percents. For instance, the original response rate = 7/80 = 0.0875 = 8.75%. Likewise, the new response rate = 9/63 = 1/7 = ~14.3%. However, if you write these rates this way, do not simply take the difference! That difference, approximately 5 or 6%, does NOT represent the percent increase in the response rate. You must divide by the original response rate.
Again, the correct answer is (E).
To calculate the percent increase of any value, we use this formula: (New – Old)/Old. In other words, we subtract the original value (Old) from the increased value (New), then divide the result by the original value (Old). Even though the values themselves may be written using percents, we must be sure to divide by the original value.
In this problem, the original response rate is 7/80. The new response rate is 9/63, or 1/7. The difference is 1/7 – 7/80. We convert to common denominators: 80/560 – 49/560 = 31/560. Now, we divide by the original value, 7/80. Doing so is the same as multiplying by 80/7. This gives us (31/560)(80/7) = 31/49. Estimating, we can see that this fraction is slightly more than 30/50, which is 60/100 or 60%. Thus, the correct answer must be (E): 63%.
Note that the response rates may be written as percents. For instance, the original response rate = 7/80 = 0.0875 = 8.75%. Likewise, the new response rate = 9/63 = 1/7 = ~14.3%. However, if you write these rates this way, do not simply take the difference! That difference, approximately 5 or 6%, does NOT represent the percent increase in the response rate. You must divide by the original response rate.
Again, the correct answer is (E).
The winner of this Week's Challenge is... (drum roll).... bagrettin. Congratulations! Please send me a pm with your name, email address and choice of Manhattan GRE Guide
Details of next week's competition will be posted in the Weekly Challenge Master thread... Stay tuned!
10 Oct 2011, 11:37
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The initial response rate was 7/80=35/400=35/4%=8.75%
New response rate becomes 9/63=1/7=100/7%=14.3%
The percentage increase is the response rate then is equal to (14.3-8.75)/8.75=5.55/8.75=555/875=111/175=63.5%
The closest answer is 63%.
So, the answer is E.
New response rate becomes 9/63=1/7=100/7%=14.3%
The percentage increase is the response rate then is equal to (14.3-8.75)/8.75=5.55/8.75=555/875=111/175=63.5%
The closest answer is 63%.
So, the answer is E.
10 Oct 2011, 11:55
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response rate for the original survey was 7/80 = 8.75%
response rate for the redesigned survey = 9/63 = 14.29%
% increase = (14.29 - 8.75) /8.75 = ~ 63%
Therefore, the answer is E) 63
response rate for the redesigned survey = 9/63 = 14.29%
% increase = (14.29 - 8.75) /8.75 = ~ 63%
Therefore, the answer is E) 63
