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Updated on: 29 Jul 2022, 05:25
Originally posted by changhiskhan on 26 Mar 2010, 17:21.
Last edited by Bunuel on 29 Jul 2022, 05:25, edited 3 times in total.
Last edited by Bunuel on 29 Jul 2022, 05:25, edited 3 times in total.
Edited the question
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D
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
65%
(hard)
Question Stats:
67% (02:24) correct
33%
(02:38)
wrong
based on 5248
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Alice’s take-home pay last year was the same each month, and she saved the same fraction of her take-home pay each month. The total amount of money that she had saved at the end of the year was 3 times the amount of that portion of her monthly take-home pay that she did NOT save. If all the money that she saved last year was from her take-home pay, what fraction of her take-home pay did she save each month?
A. 1/2
B. 1/3
C. 1/4
D. 1/5
E. 1/6
GMAT Prep.JPG [ 32.93 KiB | Viewed 35620 times ]
A. 1/2
B. 1/3
C. 1/4
D. 1/5
E. 1/6
Attachment:
GMAT Prep.JPG [ 32.93 KiB | Viewed 35620 times ]
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26 Mar 2010, 17:39
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Alice’s take-home pay last year was the same each month, and she saved the same fraction of her take-home pay each month. The total amount of money that she had saved at the end of the year was 3 times the amount of that portion of her monthly take-home pay that she did NOT save. If all the money that she saved last year was from her take-home pay, what fraction of her take-home pay did she save each month?
A. 1/2
B. 1/3
C. 1/4
D. 1/5
E. 1/6
Let Alice's monthly take-home pay be \(p\) and her monthly savings be \(s\). Total savings will be \(12s\) and we know that this is 3 times the amount she spends in month which is: \(p-s\). So we have:
Answer: D.
A. 1/2
B. 1/3
C. 1/4
D. 1/5
E. 1/6
Let Alice's monthly take-home pay be \(p\) and her monthly savings be \(s\). Total savings will be \(12s\) and we know that this is 3 times the amount she spends in month which is: \(p-s\). So we have:
- \(12s=3(p-s)\);
\(12s=3p-3s\);
\(15s=3p\);
\(5s=p\);
\(s=\frac{p}{5}\).
Answer: D.
04 Jul 2010, 13:28
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Alice’s take-home pay last year was the same each month, and she saved the same fraction of her take-home pay each month. The total amount of money that she had saved at the end of the year was 3 times the amount of that portion of her monthly take-home pay that she did NOT save. If all the money that she saved last year was from her take-home pay, what fraction of her take-home pay did she save each month?
A. 1/2
B. 1/3
C. 1/4
D. 1/5
E. 1/6
Let's call the fraction of pay PER MONTH that Alice saved S, and the fraction of pay that she did not save N.
Therefore:
(% of pay saved) + (% of pay spent) = 100%
S + N = 1
The second sentence in the question states that Alice's total yearly savings is equal to three times the amount she would NOT save (a.k.a. the spending) in one month.
Therefore:
(yearly savings) = (3 * monthly spending)
(12 * monthly saving) = (3 * monthly spending)
12S = 3N
4S = N
Now plug this into the top equation to find a value for S:
4S = N
S + N = 1
S + (4S) = 1
5S = 1
S = 1/5
Therefore, the answer is D.
I'd be willing to bet that you didn't read carefully enough and you thought the second sentence in the question said, " The total amount of money at the end of the year that she had saved was 3 times the portion that she had spent." This is what I thought during my first read-through -- and I spent about 15 seconds working the problem incorrectly!
A. 1/2
B. 1/3
C. 1/4
D. 1/5
E. 1/6
Let's call the fraction of pay PER MONTH that Alice saved S, and the fraction of pay that she did not save N.
Therefore:
(% of pay saved) + (% of pay spent) = 100%
S + N = 1
The second sentence in the question states that Alice's total yearly savings is equal to three times the amount she would NOT save (a.k.a. the spending) in one month.
Therefore:
(yearly savings) = (3 * monthly spending)
(12 * monthly saving) = (3 * monthly spending)
12S = 3N
4S = N
Now plug this into the top equation to find a value for S:
4S = N
S + N = 1
S + (4S) = 1
5S = 1
S = 1/5
Therefore, the answer is D.
I'd be willing to bet that you didn't read carefully enough and you thought the second sentence in the question said, " The total amount of money at the end of the year that she had saved was 3 times the portion that she had spent." This is what I thought during my first read-through -- and I spent about 15 seconds working the problem incorrectly!
