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Last year Carlos saved 10 percent of his annual earnings. Th

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Last year Carlos saved 10 percent of his annual earnings. Th  [#permalink]

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New post 17 Feb 2014, 03:47
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The Official Guide For GMAT® Quantitative Review, 2ND Edition

Last year Carlos saved 10 percent of his annual earnings. This year he earned 5 percent more than last year and he saved 12 percent of his annual earnings. The amount saved this year was what percent of the amount saved last year?

(A) 122%
(B) 124%
(C) 126%
(D) 128%
(E) 130%

Problem Solving
Question: 100
Category: Arithmetic Percents
Page: 74
Difficulty: 550


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Re: Last year Carlos saved 10 percent of his annual earnings. Th  [#permalink]

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New post 17 Feb 2014, 03:47
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1
SOLUTION

Last year Carlos saved 10 percent of his annual earnings. This year he earned 5 percent more than last year and he saved 12 percent of his annual earnings. The amount saved this year was what percent of the amount saved last year?

(A) 122%
(B) 124%
(C) 126%
(D) 128%
(E) 130%

LAST YEAR:
Earnings = 100 (assume).
Amount saved = 0.1*100 =10.

THIS YEAR:
Earnings = 100*1.05 = 105.
Amount saved = 0.12*105 =12.6.

The amount saved this year as a percent of the amount saved last year is (this yea)/(last year)*100 = 12.6/10*100 =126%.

Answer: C.
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Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

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Re: Last year Carlos saved 10 percent of his annual earnings. Th  [#permalink]

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New post 17 Feb 2014, 05:42
1
I got (C).

Assuming last year's annual earnings = 100. Then amount saved last year = 10.
Since Carlos earned 5% more this year than last year, then he earned 105 this year.

12% of 105 = 12.60. This year's savings as % of last year's savings:

\(\frac{12.60}{10}\) = 12.6, multiplied by 100 to arrive at %, resulting in 126%.
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Re: Last year Carlos saved 10 percent of his annual earnings. Th  [#permalink]

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New post 17 Feb 2014, 09:28
1
Option C.
Let last yrs earning=100
Savings=10
Current yrs earning=105
Saving=12% of 105=12.6
Increase=1.26 times or 126%

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Re: Last year Carlos saved 10 percent of his annual earnings. Th  [#permalink]

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New post 17 Feb 2014, 11:39
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\(\frac{0.12 * (1.05 * E) * 100}{0.1 * E}\)

where E is the last year's earnings.

\(\frac{0.126 *100}{0.1}\)

1.26 *100

Option C
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Re: Last year Carlos saved 10 percent of his annual earnings. Th  [#permalink]

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New post 17 Feb 2014, 22:11
2
Assume his last years earnings was 100
So 10% saving last year = 10

Since next year he earned 5% more his earning next year = 100*1.05 = 105
12% he saved this year = 0.12*105 = 12.60

So % of saving increase = (12.60/10)*100 = 126%
Option (C)
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Re: Last year Carlos saved 10 percent of his annual earnings. Th  [#permalink]

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New post 18 Feb 2014, 06:19
3
Last year earning - x
Last year savings - .1x
This year earning - 1.05x (5% more than last year)
This year savings - .126x
Answer .126/.1 - C
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Re: Last year Carlos saved 10 percent of his annual earnings. Th  [#permalink]

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New post 23 Apr 2014, 23:56
Last Year : 10% of X = 0.1X;
This Year : 12% of 1.2X = 0.126X;

Questions asks us 0.126X is what % of 0.1X;;

Y= 126% ;
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Re: Last year Carlos saved 10 percent of his annual earnings. Th  [#permalink]

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New post 16 Jul 2014, 04:27
Earnings = E

Last year savings: 0.1E
This Year savings: 0.12 x 1.05E = 0.126E

%-Increase NEW/OLD = 0.126/0.1 = 1.26 = 126%
Re: Last year Carlos saved 10 percent of his annual earnings. Th &nbs [#permalink] 16 Jul 2014, 04:27
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