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

It is currently 19 Oct 2019, 20:44

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

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

Hide Tags

Find Similar Topics 
Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 58445
If today the price of an item is $3,600, what was the price of the ite  [#permalink]

Show Tags

New post 09 Dec 2014, 07:08
00:00
A
B
C
D
E

Difficulty:

  5% (low)

Question Stats:

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

HideShow timer Statistics

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
Manager
avatar
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]

Show Tags

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.
Intern
Intern
User avatar
Joined: 08 Jul 2012
Posts: 46
Re: If today the price of an item is $3,600, what was the price of the ite  [#permalink]

Show Tags

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)
_________________
Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time. - Thomas A. Edison
Manager
Manager
avatar
Joined: 04 Oct 2013
Posts: 150
Location: India
GMAT Date: 05-23-2015
GPA: 3.45
GMAT ToolKit User Reviews Badge
Re: If today the price of an item is $3,600, what was the price of the ite  [#permalink]

Show Tags

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
Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 58445
Re: If today the price of an item is $3,600, what was the price of the ite  [#permalink]

Show Tags

New post 26 Dec 2014, 10:58
Non-Human User
User avatar
Joined: 09 Sep 2013
Posts: 13277
Re: If today the price of an item is $3,600, what was the price of the ite  [#permalink]

Show Tags

New post 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.
_________________
GMAT Club Bot
Re: If today the price of an item is $3,600, what was the price of the ite   [#permalink] 28 Aug 2018, 13:04
Display posts from previous: Sort by

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

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





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