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Larry saves x dollars per month. Will Larry’s total savings one year

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agnok
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Larry saves x dollars per month. Will Larry’s total savings one year [#permalink] Larry saves x dollars per month. Will Larry’s total savings one year   06 Oct 2010, 07:10
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69% (01:37) correct 31% (01:44) wrong based on 490 sessions
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Larry saves x dollars per month. Will Larry’s total savings one year from now exceed his present savings by at least $500 ? (Assume that there is no interest.)

(1) In 6 months Larry's total savings will be $900.
(2) In 3 months Larry's total savings will exceed his present savings by $150.



DS21223
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B
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Larry saves x dollars per month. Will Larrys total savings one year [#permalink] Larry saves x dollars per month. Will Larry’s total savings one year   06 Oct 2010, 07:36
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agnok wrote:
Larry saves x dollars per month. Will Larry’s total savings one year from now exceed his present savings by at least $500 ? (Assume that there is no interest.)

(1) In 6 months Larry's total savings will be $900.
(2) In 3 months Larry's total savings will exceed his present savings by $150.

Larry saves x dollars per month. Will Larry’s total savings one year from now exceed his present savings by at least $500 ? (Assume that there is no interest.)

Let's say Larry's present savings is \(y\).

Question asks:

Is \(12x+y>y+500\)?

Is \(12x>500\)?

(1) In 6 months Larry's total savings will be $900.

The above implies that \(y+6x=900\), which is not sufficient to say whether \(12x>500\) (or whether \(6x>250\)).

(2) In 3 months Larry's total savings will exceed his present savings by $150.

The above implies that \(y+3x=y+150\), whic gives \(x=50\). Thus, \(12x = 600 > 500\). Sufficient.

Answer: B.­
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Re: Larry saves x dollars per month. Will Larry’s total savings one year [#permalink] Larry saves x dollars per month. Will Larry’s total savings one year   17 Aug 2017, 09:02
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Given : Larry saves x $ per month

From
1) Larry saves 150$ per month, hence in 12 months he saves 1800$. But we don't have info about his present savings.
Not Sufficient.

2) In 3 months Larry's savings exceed his saving by 150$. Now since it is given Larry saves an constant amount every month, it is safe to assume in 12 months Larry's savings will exceed his previous savings by 600$.
Sufficient.
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Re: Larry saves x dollars per month. Will Larry’s total savings one year [#permalink] Larry saves x dollars per month. Will Larry’s total savings one year   26 Nov 2020, 17:06
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agnok wrote:
Larry saves x dollars per month. Will Larry’s total savings one year from now exceed his present savings by at least $500 ? (Assume that there is no interest.)

(1) In 6 months Larry's total savings will be $900.
(2) In 3 months Larry's total savings will exceed his present savings by $150.



DS21223


(1) In six months, Larry's total savings will be $900. We don't know what his current savings are. It could be that his current savings are $888; therefore he only exceeds his present savings by $12. Or it could be that his current savings are $300 and he saves $100 each month for the next 6 months. INSUFFICIENT.

(2) In 3 months his savings will increase by $150, meaning each month he saves $50. We can conclude that his total savings for the year will exceed his present savings by $600. SUFFICIENT.

Answer is B.
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Larry saves x dollars per month. Will Larrys total savings one year [#permalink] Larry saves x dollars per month. Will Larry’s total savings one year   28 Apr 2024, 13:36
laddaboy wrote:
Given : Larry saves x $ per month

From
1) Larry saves 150$ per month, hence in 12 months he saves 1800$. But we don't have info about his present savings.
Not Sufficient.

2) In 3 months Larry's savings exceed his saving by 150$. Now since it is given Larry saves an constant amount every month, it is safe to assume in 12 months Larry's savings will exceed his previous savings by 600$.
Sufficient.

­
Agreed statement 1 is insufficient, but how do you know from statement 1 that he saves $150/month?

Would both of the following scenarios (and all of the ones in between) be possible?

Scenario 1:
he originally had $896 in savings... he saved $1 a month for 6 months... he now has $900

Scenario 2:
he originally had $0 in savings... he saved $150 a month for 6 months... he now has $900

if both could be true, then he could have wildly different amounts after 12 months

Scenario 1: $906... $12 more than when he started
Scenario 2: $1800... $1800 more than when he started

therefore, insufficient

 ­
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Larry saves x dollars per month. Will Larrys total savings one year [#permalink]
28 Apr 2024, 13:36
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