It is currently 22 Nov 2017, 17:24

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

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

If the price of steak is currently $1.00 a pound, and the price triple

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

Hide Tags

Expert Post
Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 42305

Kudos [?]: 133072 [0], given: 12403

If the price of steak is currently $1.00 a pound, and the price triple [#permalink]

Show Tags

New post 22 Oct 2017, 06:16
00:00
A
B
C
D
E

Difficulty:

  25% (medium)

Question Stats:

88% (00:36) correct 12% (00:55) wrong based on 66 sessions

HideShow timer Statistics

If the price of steak is currently $1.00 a pound, and the price triples every 6 months, how long will it be until the price of steak is $81.00 a pound?

(A) 1 year
(B) 2 years
(C) 5/2 years
(D) 13 years
(E) 27/2 years
[Reveal] Spoiler: OA

_________________

New to the Math Forum?
Please read this: Ultimate GMAT Quantitative Megathread | All You Need for Quant | PLEASE READ AND FOLLOW: 12 Rules for Posting!!!

Resources:
GMAT Math Book | Triangles | Polygons | Coordinate Geometry | Factorials | Circles | Number Theory | Remainders; 8. Overlapping Sets | PDF of Math Book; 10. Remainders | GMAT Prep Software Analysis | SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) | Tricky questions from previous years.

Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
Extra-hard Quant Tests with Brilliant Analytics

Kudos [?]: 133072 [0], given: 12403

Director
Director
avatar
P
Joined: 25 Feb 2013
Posts: 567

Kudos [?]: 257 [0], given: 35

Location: India
Schools: Mannheim"19 (S)
GPA: 3.82
GMAT ToolKit User Reviews Badge
If the price of steak is currently $1.00 a pound, and the price triple [#permalink]

Show Tags

New post 22 Oct 2017, 09:48
Bunuel wrote:
If the price of steak is currently $1.00 a pound, and the price triples every 6 months, how long will it be until the price of steak is $81.00 a pound?

(A) 1 year
(B) 2 years
(C) 5/2 years
(D) 13 years
(E) 27/2 years


1-----6 Months------3------6M-------9------6M--------27------6M------81, so after \(24\) months the price will be $81. Hence time \(=2\) years

Another approach - Use GP formula \(a_n=a_1r^{n-1}\)

here \(a_1=3\), \(a_n=81\) & \(r=3\) and \(n\) is the number of period of 6 months each

so \(81=1*3^{n-1} =>3^4=3*3^{n-1} => n=4\)

Hence time in years \(=2\)

Option B

Last edited by niks18 on 22 Oct 2017, 10:04, edited 3 times in total.

Kudos [?]: 257 [0], given: 35

BSchool Forum Moderator
User avatar
D
Joined: 26 Feb 2016
Posts: 1621

Kudos [?]: 695 [0], given: 17

Location: India
Concentration: General Management, Leadership
WE: Sales (Retail)
Premium Member CAT Tests
Re: If the price of steak is currently $1.00 a pound, and the price triple [#permalink]

Show Tags

New post 22 Oct 2017, 09:56
Bunuel wrote:
If the price of steak is currently $1.00 a pound, and the price triples every 6 months, how long will it be until the price of steak is $81.00 a pound?

(A) 1 year
(B) 2 years
(C) 5/2 years
(D) 13 years
(E) 27/2 years


Every 6 months, the price of steak triples.

Current price is 1$,
6 months later, the cost become 3$
1 year later, the cost become 9$
1 year 6 months later, the cost becomes 27$
2 years later, the cost become 81$(Option B)

_________________

Stay hungry, Stay foolish

2017-2018 MBA Deadlines

Class of 2020: Rotman Thread | Schulich Thread
Class of 2019: Sauder Thread

Kudos [?]: 695 [0], given: 17

Manager
Manager
User avatar
B
Joined: 09 Aug 2017
Posts: 59

Kudos [?]: 8 [0], given: 18

Location: United States
Concentration: Technology
GMAT 1: 640 Q44 V33
GMAT 2: 630 Q47 V29
WE: Research (Investment Banking)
CAT Tests
Re: If the price of steak is currently $1.00 a pound, and the price triple [#permalink]

Show Tags

New post 25 Oct 2017, 13:30
Bunuel wrote:
If the price of steak is currently $1.00 a pound, and the price triples every 6 months, how long will it be until the price of steak is $81.00 a pound?

(A) 1 year
(B) 2 years
(C) 5/2 years
(D) 13 years
(E) 27/2 years


Here's one I might make a stupid mistake on as I am prone to this about 5 or 6 times out of 37 questions.

On paper, I sketched out each time period:
0 1 2 3 4
1 3 9 27 81

It takes 4 time periods to get to 81. Each time period is six months, therefore, it takes 24 months, or two years, to compound the steak until $81.

B
_________________

I'd love to hear any feedback or ways to improve my problem solving. I make a lot of silly mistakes. If you've had luck improving on stupid mistakes, I'd love to hear how you did it.

Also, I appreciate any kudos.

Kudos [?]: 8 [0], given: 18

Re: If the price of steak is currently $1.00 a pound, and the price triple   [#permalink] 25 Oct 2017, 13:30
Display posts from previous: Sort by

If the price of steak is currently $1.00 a pound, and the price triple

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


cron

GMAT Club MBA Forum Home| About| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

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

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.