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In each of the last five years, Company K donated p percent of its

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In each of the last five years, Company K donated p percent of its  [#permalink]

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New post 16 Jun 2016, 03:49
2
8
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A
B
C
D
E

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  15% (low)

Question Stats:

81% (01:13) correct 19% (01:07) wrong based on 786 sessions

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In each of the last five years, Company K donated p percent of its annual profits to a certain scholarship fund. Did Company K donate more than $10,000 to the scholarship fund last year?

(1) Two years ago, Company K had annual profits of $3 million and donated $15,000 to the scholarship fund
(2) Last year, Company K had annual profits of $2.5 million

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Re: In each of the last five years, Company K donated p percent of its  [#permalink]

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New post 16 Jun 2016, 06:21
In each of the last five years, Company K donated p percent of its annual profits to a certain scholarship fund. Did Company K donate more than $10,000 to the scholarship fund last year?

(1) Two years ago, Company K had annual profits of $3 million and donated $15,000 to the scholarship fund
(2) Last year, Company K had annual profits of $2.5 million

From statement 1, we can find the percentage going into funds as the question stem says in each of the last five years it has donated the same percentage.
From statement 2 we know the annual profits last year. Hence C is the answer.
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Re: In each of the last five years, Company K donated p percent of its  [#permalink]

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New post 16 Jun 2016, 06:24
donation= (p* annual profit)/100.

so was donation > 10000 last year.
for this we need last to last year's annual profit and value of p.
1) donation is 15000 and annual profit is also given for 2 years ago. we can calculate p from here but nothing can be said about last year donation. so not sufficient.
2) last year's profit is given but value of p is unknown. so not sufficient.

1)+2) we have both the values available. so sufficient.
answer C.
experts, am i on the right track.
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Re: In each of the last five years, Company K donated p percent of its  [#permalink]

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New post 06 Dec 2016, 08:29
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Bunuel wrote:
In each of the last five years, Company K donated p percent of its annual profits to a certain scholarship fund. Did Company K donate more than $10,000 to the scholarship fund last year?

(1) Two years ago, Company K had annual profits of $3 million and donated $15,000 to the scholarship fund
(2) Last year, Company K had annual profits of $2.5 million


We are given that in each of the last five years, Company K donated p percent of its annual profits to a certain scholarship fund. We need to determine whether company K donated more than 10,000 dollars to the scholarship fund last year.

Statement One Alone:

Two years ago, Company K had annual profits of $3 million and donated $15,000 to the scholarship fund.

Using the information in statement one, we can determine a value for p.

3,000,000(p/100) = 15,000

3,000,000p = 1,500,000

p = 0.5

Thus, in each of the last 5 years, company K donated 0.5% of its profits. However, since we don’t know the profit made last year, we can’t answer the question. Statement one alone is not sufficient. We can eliminate answer choices A and D.

Statement Two Alone:

Last year, Company K had annual profits of $2.5 million.

Since we do not have a value for p, statement two alone is not sufficient to answer the question. We can eliminate answer choice B.

Statements One and Two Together:

Using the information in statements one and two, we can determine that last year company K donated 0.5 percent of their 2.5 million dollar profit, or $12,500, which is more than $10,000. The two statements together are sufficient.

Answer: C
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Re: In each of the last five years, Company K donated p percent of its  [#permalink]

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New post 18 Sep 2017, 02:34
with the help of 1 you can find out the value of p
P/100 * 3*1000000 = 15000 so value of P=0.5

2. put the value of P from 1 in 2 to get the result.
D is the answer
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Re: In each of the last five years, Company K donated p percent of its  [#permalink]

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New post 12 Dec 2017, 23:54
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We do not need to solve, focusing on the relation of what is being asked in question stem will get us to right answer that is C.

Statment 1- Relationship of Total profit & and funds donated give us [ p ]
Statement 2- Give us profits from last year.

We are asked this. is p*2.5 million > 10000 $.
We get p from Stat 1 & 2.5 mil fro Statment 2 . Hence C
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Re: In each of the last five years, Company K donated p percent of its  [#permalink]

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New post 13 Dec 2017, 23:01
adil123 wrote:
with the help of 1 you can find out the value of p
P/100 * 3*1000000 = 15000 so value of P=0.5

2. put the value of P from 1 in 2 to get the result.
D is the answer


Hi Adil123

You have solved correctly, both statements are required to answer the question. However, in this case we have to mark the answer as C, as per the rules.
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Re: In each of the last five years, Company K donated p percent of its  [#permalink]

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New post 13 Jun 2018, 18:34
Why do we assume the P is a constant rate? P could have been .0005%.
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Re: In each of the last five years, Company K donated p percent of its  [#permalink]

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New post 13 Jun 2018, 20:54
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kennycpacgma wrote:
Why do we assume the P is a constant rate? P could have been .0005%.


Hello

Thats because when question says 'its p percent', then it has to be a constant p. If the rate was changing every year, then it would have been mentioned in the question with something like, "the rate is variable"..
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Re: In each of the last five years, Company K donated p percent of its &nbs [#permalink] 13 Jun 2018, 20:54
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