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In each of the years 2005, 2006 and 2007, the profits of company X

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In each of the years 2005, 2006 and 2007, the profits of company X [#permalink]

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New post 22 Dec 2017, 19:28
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A
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D
E

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  15% (low)

Question Stats:

79% (00:49) correct 21% (00:37) wrong based on 29 sessions

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In each of the years 2005, 2006 and 2007, the profits of company X were 10 percent greater than in the previous year. What were the profits of the company in 2004?

(1) The sum of the profits of company X in 2006 and 2007 were $10,164,000.
(2) The profits of company X in 2007 were $924,000 greater than the profits of company X in 2005.
[Reveal] Spoiler: OA

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Re: In each of the years 2005, 2006 and 2007, the profits of company X [#permalink]

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New post 22 Dec 2017, 19:44
souvonik2k wrote:
In each of the years 2005, 2006 and 2007, the profits of company X were 10 percent greater than in the previous year. What were the profits of the company in 2004?
(1) The sum of the profits of company X in 2006 and 2007 were $10,164,000.
(2) The profits of company X in 2007 were $924,000 greater than the profits of company X in 2005.



For simple calculation purpose, we can assume profit in 2004 -> 100x so 2005 -> 110x , 2006 -> 121x , 2007 -> 121x*1.1
(1)
121x + 121x*1.1 = $10,164,00 ,we can solve x and hence 100x as well. - (1) sufficient
(2)
121x*1.1 = 110x + $924,000,,we can solve x and hence 100x as well. - (2) sufficient
Option D
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In each of the years 2005, 2006 and 2007, the profits of company X [#permalink]

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New post 26 Dec 2017, 04:06
They are asking about Profits in 2004. How can we assume profits between 2003 -2004 is also 10%. ?
Answer should be E. IMO.

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In each of the years 2005, 2006 and 2007, the profits of company X [#permalink]

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New post 26 Dec 2017, 06:37
rabhilash800 wrote:
They are asking about Profits in 2004. How can we assume profits between 2003 -2004 is also 10%. ?
Answer should be E. IMO.


The question specifies that profit in years 2005-07 have grown 10% over the previous year which means profit in 2005 is 10% more than profit in 2004.

Option D is correct I believe


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In each of the years 2005, 2006 and 2007, the profits of company X   [#permalink] 26 Dec 2017, 06:37
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