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If today the price of an item is $3,600, what was the price of the ite

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If today the price of an item is $3,600, what was the price of the ite  [#permalink]

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New post 09 Dec 2014, 07:08
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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.

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Re: If today the price of an item is $3,600, what was the price of the ite  [#permalink]

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New post 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]

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New post 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]

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New post 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

Answer: D
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Re: If today the price of an item is $3,600, what was the price of the ite  [#permalink]

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New post 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.


The correct answer is D.
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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.


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Re: If today the price of an item is $3,600, what was the price of the ite  [#permalink]

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