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In 2001, Joe paid 5.1 percent of his income in taxes. In 2002, did Joe

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In 2001, Joe paid 5.1 percent of his income in taxes. In 2002, did Joe  [#permalink]

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New post 16 Oct 2018, 01:48
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  55% (hard)

Question Stats:

55% (01:26) correct 45% (01:22) wrong based on 61 sessions

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In 2001, Joe paid 5.1 percent of his income in taxes. In 2002, did Joe pay less than 5.1 percent of his income in taxes?

(1) From 2001 to 2002, Joe’s income increased by 10 percent.
(2) Taxes paid in 2002 are 3.4 percent of Joe’s income in 2001.

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In 2001, Joe paid 5.1 percent of his income in taxes. In 2002, did Joe  [#permalink]

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New post 23 Oct 2018, 02:23
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In 2001, Joe paid 5.1% of his income in taxes. In 2002, did Joe pay less than 5.1% of his income in taxes?

30 sec Approach :-> IS \(\frac{2002 Tax Amount}{2002 Income}*100>5.1%\)

You need tax amount of 2002 , income of 2002 to calculate the result. Look for them and your done.

2 min Approach: The whole 9 yards!
1) From 2001 to 2002, Joe’s income increased by 10 percent.
Since it all in percent Assume his income in 2001 = 100
Total Income in 2002 = \(100+10%*100=110\)
Tax amount paid is not known. No sufficient

2) Taxes paid in 2002 are 3.4% of Joe’s income in 2001.
Tax paid in 2002 = 3.4%*income in 2001
Income in 2002 is not known.No sufficient

From 1 and 2
His income in 2001 = 100
Total Income in 2002 = \(100+10%*100=110\)
Tax paid in 2002 = 3.4%*income in 2001=3.4%*110=3.74

\(\frac{Tax Amount}{Total Income}*100 = \frac{3.74}{110}*100 = 3.4%\) is what he paid. that is less than 5.1% so Sufficient C
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In 2001, Joe paid 5.1 percent of his income in taxes. In 2002, did Joe   [#permalink] 23 Oct 2018, 02:23
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In 2001, Joe paid 5.1 percent of his income in taxes. In 2002, did Joe

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