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09 Dec 2014, 07:08
00:00

Difficulty:

5% (low)

Question Stats:

89% (00:46) correct 11% (00:46) wrong based on 93 sessions

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Tough and Tricky questions: Word Problems.

If today the price of an item is $3,600, what was the price of the item exactly 2 years ago? (1) The price of the item increased by 10 per-cent per year during this 2-year period. (2) Today the price of the item is 1.21 times its price exactly 2 years ago. Kudos for a correct solution. _________________ Manager Joined: 12 Sep 2014 Posts: 142 Concentration: Strategy, Leadership GMAT 1: 740 Q49 V41 GPA: 3.94 Re: If today the price of an item is$3,600, what was the price of the ite  [#permalink]

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09 Dec 2014, 10:36
If today the price of an item is $3,600, what was the price of the item exactly 2 years ago? (1) The price of the item increased by 10 per-cent per year during this 2-year period. Sufficient--if we know this statement is true, then 2 years ago, the price would have to be 3600/1.1, right?. (2) Today the price of the item is 1.21 times its price exactly 2 years ago. Sufficient--the price was 3600/1.21 exactly 2 years ago. I chose D, but I was a little worried about the wording of A. I still think A means that the price 2 years ago would have to be$3600/1.1.
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Re: If today the price of an item is $3,600, what was the price of the ite [#permalink] ### Show Tags 09 Dec 2014, 23:07 If today the price of an item is$3,600, what was the price of the item exactly 2 years ago?

(1) The price of the item increased by 10 per-cent per year during this 2-year period -->
today's price =3600 = 1.1 (last year's price)
last year's price = 1.1(price 2 years ago)
hence, today's price =3600 = 1.1 (1.1*price 2 years ago) = 1.21(price 2 years ago)............sufficient
(2) Today the price of the item is 1.21 times its price exactly 2 years ago -->directly gives the equation......sufficient

Ans. D)
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Re: If today the price of an item is $3,600, what was the price of the ite [#permalink] ### Show Tags 10 Dec 2014, 03:21 2 If today the price of an item is$3,600, what was the price of the item exactly 2 years ago?

(1) The price of the item increased by 10 per-cent per year during this 2-year period.
(2) Today the price of the item is 1.21 times its price exactly 2 years ago.

Present price of an item = $3,600 Let the price of the item two years ago be x Statement 1$3600=x(1+10/100)^2
Or, $$x = \frac{3600}{1.21}$$..........................Sufficient

Statement 2
$$3600=x*1.21$$ or, $$x =\frac{3600}{1.21}$$....Sufficient

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Re: If today the price of an item is $3,600, what was the price of the ite [#permalink] ### Show Tags 26 Dec 2014, 10:58 Bunuel wrote: Tough and Tricky questions: Word Problems. If today the price of an item is$3,600, what was the price of the item exactly 2 years ago?

(1) The price of the item increased by 10 per-cent per year during this 2-year period.
(2) Today the price of the item is 1.21 times its price exactly 2 years ago.

Kudos for a correct solution.

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Re: If today the price of an item is $3,600, what was the price of the ite [#permalink] ### Show Tags 28 Aug 2018, 13:04 Hello from the GMAT Club BumpBot! Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos). Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email. _________________ Re: If today the price of an item is$3,600, what was the price of the ite   [#permalink] 28 Aug 2018, 13:04
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