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In Country C, the number of transactions made by various noncash metho

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In Country C, the number of transactions made by various noncash metho [#permalink] In Country C, the number of transactions made by various noncash metho   Updated on: 10 Jun 2024, 01:32
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75% (hard)

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68% (03:04) correct 32% (03:18) wrong based on 976 sessions
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In Country C, the numbers of transactions made by various noncash methods in 2006 and 2009 are shown in the graphic. All other transactions were made with cash.

If the total value of all credit card transactions in 2009 was 10% more than the total value of all credit card transactions in 2006, then the average (arithmetic mean) value of credit card transactions increased by % from 2006 to 2009.

The number of transactions increased by 25% from 2006 to 2009.

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Official Answer
Dropdown 1: 21.0 Dropdown 2: Paper Check

Originally posted by GMATbuster92 on 24 Sep 2018, 03:43.
Last edited by Bunuel on 10 Jun 2024, 01:32, edited 10 times in total.
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Re: In Country C, the number of transactions made by various noncash metho [#permalink] In Country C, the number of transactions made by various noncash metho   25 Sep 2018, 20:53
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let the the average txns (2006) be s and txns (2009) be n.
Translating the prompt to an equation -If the total value of all credit card transactions in 2009 was 10% more than the total value of all credit card transactions in 2006, we get the below.
20n = 22s (110/100)
100n=121s
n/s = 121/100 =1.21

Calculating the increase in percentage;
(n/s - 1)100% = (1.21-1.00)100% = 21%

Hope this helps!!

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Re: In Country C, the number of transactions made by various noncash metho [#permalink] In Country C, the number of transactions made by various noncash metho   13 Oct 2019, 10:17
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Let x be total value in 2006
In 2009: 1.1x

Change in avg = (1.1x/20 - x/22)/(x/22) = 21%

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Re: In Country C, the number of transactions made by various noncash metho [#permalink] In Country C, the number of transactions made by various noncash metho   23 Apr 2021, 04:01
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Official Explanation

Of the four noncash methods represented in the graph, only paper check showed an increase from 2006 to 2009. Indeed, the number of paper check transactions increased from 24 million in 2006 to 30 million in 2009. This indicates a percentage increase of \((\frac{30−24}{24})\)(100%)=25%.

The correct answer is paper check.

The average value of all credit card transactions in 2006 was \(\frac{T}{22,000,000}\), where T is the total value of all credit card transactions in 2006. If the total value of all credit card transactions in 2009 was 10% more than the total value of all credit card transactions in 2006, then the total value of all credit card transactions in 2009 was 1.1T. Therefore, the average value of all credit card transactions in 2009 was \(\frac{1.1T}{20,000,000.}\)
If the average value of credit card transactions increased by x% from 2006 to 2009, then

\((\frac{100+x}{100})(\frac{T}{22,000,000})=\frac{1.1T}{20,000,000}\)

Therefore,

\(\frac{100+x}{100} =\) \(\frac{(1.1)(22,000,000)}{20,000,000}\)

\(= \frac{121}{100}\)

Thus, 100 + x = 121, so x = 21.

The correct answer is 21.0.
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Re: In Country C, the number of transactions made by various noncash metho [#permalink] In Country C, the number of transactions made by various noncash metho   13 Oct 2019, 14:32
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mean x count = sum / price x quantity = revenue

let revenue = a number i.e 220
2006 --> P x 22 (count) = 220 therefore price = 10
to get to revenue of 2009 +10%: 220 * .10(220) = 242
2009 --> P x 20 = 242 therefore price = 242/20 = 12.1

percent change
= (12.1 - 10) / 10
= .21 = 21%
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Re: In Country C, the number of transactions made by various noncash metho [#permalink] In Country C, the number of transactions made by various noncash metho   26 Nov 2019, 11:51
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Why can't we plug in numbers?

# of Transactions
2006: 105
2009: 91

Value
2006: 100
2009: 110

110/91 = 1.21
100/105 = 0.95

(1.21-0.95)/1.21 = 0.21487603305

Why is this not the answer?
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Re: In Country C, the number of transactions made by various noncash metho [#permalink] In Country C, the number of transactions made by various noncash metho   19 Mar 2021, 23:00
esonrev
Why can't we plug in numbers?

# of Transactions
2006: 105
2009: 91

Value
2006: 100
2009: 110

110/91 = 1.21
100/105 = 0.95

(1.21-0.95)/1.21 = 0.21487603305

Why is this not the answer?

That is the answer. You just didn't multiply by 100.
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Re: In Country C, the number of transactions made by various noncash metho [#permalink] In Country C, the number of transactions made by various noncash metho   18 Dec 2023, 23:50
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Video solution here (2:47):


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Re: In Country C, the number of transactions made by various noncash metho [#permalink] In Country C, the number of transactions made by various noncash metho   26 Mar 2024, 02:17
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­This question has a relative simple chart – bar chart and the data set is easy to understanding. The only difficult part in this question is question 1 for it requires pretty significant translation and calculations. But if you read this choice by strategically pausing and neatly organize the information, the solution should become easier.

Watch the solution and identify which step you faltered at. Frankly, this question appears to be a time hog – given that students have taken more than 3’ to solve it. But if one reads the question 1 slowly and organizes information properly, it can indeed be a time saver. Also, using calculator in this question is advisable.

Another thing to observe in this question is how question 1 is calculation intensive but question 2 can be solved so efficiently through careful observation. Another place where one can save time!

So, here are the time saving techniques that you should learn from this question:
  1. Slow read the question statement by strategically pausing and organizing the information properly.
  2. Don’t jump to calculations – first draw inferences through observations.
  3. Use calculator when necessary.


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Re: In Country C, the number of transactions made by various noncash metho [#permalink] In Country C, the number of transactions made by various noncash metho   25 Aug 2024, 20:21
Apt0810
Let x be total value in 2006
In 2009: 1.1x

Change in avg = (1.1x/20 - x/22)/(x/22) = 21%

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­Why would you divide by 20 and 22 resp?
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Re: In Country C, the number of transactions made by various noncash metho [#permalink]
25 Aug 2024, 20:21
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