GMAT Question of the Day - Daily to your Mailbox; hard ones only

It is currently 14 Dec 2019, 10:50

Close

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
Your Progress

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

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel

If the cost of House L increased by 20% over the same time that the

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

Find Similar Topics 
SC Moderator
User avatar
V
Joined: 23 Sep 2015
Posts: 1713
GMAT ToolKit User Reviews Badge
If the cost of House L increased by 20% over the same time that the  [#permalink]

Show Tags

New post 28 Mar 2019, 07:29
1
7
00:00
A
B
C
D
E

Difficulty:

  95% (hard)

Question Stats:

28% (01:50) correct 72% (02:01) wrong based on 83 sessions

HideShow timer Statistics

If the cost of House L increased by 20% over the same time that the cost of House M decreased by 20%, then the ratio of the new price of House M to the new price of House L is what percent of the original cost of House M ?

(1) If House L had increased by 30%, then the increased price of House L would have been equal to the original price of House M.

(2) The price of House L is $300,000.

_________________
Simple strategy:
“Once you’ve eliminated the impossible, whatever remains, however improbable, must be the truth.”

Want to improve your Score:
GMAT Ninja YouTube! Series 1| GMAT Ninja YouTube! Series 2 | How to Improve GMAT Quant from Q49 to a Perfect Q51 | Time management

My Notes:
Reading comprehension | Critical Reasoning | Absolute Phrases | Subjunctive Mood
Manager
Manager
avatar
S
Joined: 24 Jul 2018
Posts: 55
Location: India
Schools: IMD '22
GPA: 4
Re: If the cost of House L increased by 20% over the same time that the  [#permalink]

Show Tags

New post 06 Apr 2019, 00:26
2
aragonn wrote:
If the cost of House L increased by 20% over the same time that the cost of House M decreased by 20%, then the ratio of the new price of House M to the new price of House L is what percent of the original cost of House M ?

(1) If House L had increased by 30%, then the increased price of House L would have been equal to the original price of House M.

(2) The price of House L is $300,000.



The only explanation that I can come up with this:

Question: Ratio/Original Price * 100 %
Lets consider
L(O)=Original price of house L
L(N)=New price of house L
M(O)=Original price of house M
M(N)=New price of house M

Given in the Q-stem,
\(L(N)=1.2*L(O)\)
\(M(N) = 0.8* M(O)\)

Now we have to find, \(((\frac{M(N)}{L(N)})/M(O))*100\).......................(i)

Now let's consider the given statements,

St.1 : If House L had increased by 30%, then the increased price of House L would have been equal to the original price of House M.
=> \(1.3* L(O) = M(O)\)
=> \(L(O)= \frac{M(O)}{1.3}\).............(ii)

Now from the Q-stem,
\(L(N)=1.2*L(O)\)
=> \(L(N)= 1.2 * \frac{M(O)}{1.3}\) .............from (ii)

Also from the Q-stem, we have \(M(N) = 0.8* M(O)\)

So putting these values in (i),
\(\frac{(0.8* M(O))}{(1.2 *M(O)/1.3)}/M(O))*100\)
=> \((\frac{0.8*1.3}{1.2}/M(O))*100\)

Now as M(O) is unknown to us, this statement is insufficient.

St.2: The price of House L is $300,000
=> \(L(O)=$300,000\)

From Q-stem, we have
\(L(N)=1.2*L(O)\)
=>\(L(N)=360,000\)

and
\(M(N) = 0.8* M(O)\)

So putting these values in (i),
\(((\frac{M(N)}{L(N)})/M(O))*100\)
=> \((\frac{(0.8*M(O)}{360,000})/M(O))*100\)
=> \(\frac{(0.8*100)}{360,000}\)


Hence we do have a value for the required question and thus statement 2 is sufficient.
GMAT Club Bot
Re: If the cost of House L increased by 20% over the same time that the   [#permalink] 06 Apr 2019, 00:26
Display posts from previous: Sort by

If the cost of House L increased by 20% over the same time that the

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  





Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne