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M01-27

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M01-27  [#permalink]

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New post 15 Sep 2014, 23:16
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E

Difficulty:

  5% (low)

Question Stats:

89% (01:01) correct 11% (01:09) wrong based on 191 sessions

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Max's current monthly salary is $2,000, and will be raised by 25% next month. If he decides to save exactly 25% of his salary each month, how many months will it take for Max to save $5,500?

A. 4
B. 5
C. 6
D. 7
E. 9

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Re M01-27  [#permalink]

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New post 15 Sep 2014, 23:16
Official Solution:

Max's current monthly salary is $2,000, and will be raised by 25% next month. If he decides to save exactly 25% of his salary each month, how many months will it take for Max to save $5,500?

A. 4
B. 5
C. 6
D. 7
E. 9


Max will be able to save 25% of $2,000, which is $500, during the first month. He still needs to save \(5,500 - 500 = $5,000\). Max's salary will be raised by one-fourth starting next month and will be \(2000*1.25 = $2,500\). He will be able to save \(2500*0.25 = $625\) every month starting from the second month and will save $5,000 more in 8 months (\(625*8=5000\)). Therefore it will take Max 9 months to save $5,500.


Answer: E
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Re: M01-27  [#permalink]

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New post 03 Aug 2016, 09:50
Hello Bunuel,

If it were a DS question, we couldn't assure either 8 or 9 months, which would end up being a very hard question. The day of the first payment drives the "amount of days" and therefore the number of months.

If we consider the person is saving in the exactly pay day instead of waiting the end of the month, then it would be less than nine months, right?
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Re: M01-27  [#permalink]

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New post 25 Jan 2017, 08:50
Initial salary: $2,000

Savings on first month: 1.25 * 2,000 = 2,500 - 2,000 = $500

Salary after raise: 1.25 * 2,000 = $2,500

Monthly savings after raise: 1.25 * 2,500 = $625

x = # of months of monthly savings after raise

500 + 625x = 5500
625x = 5000
x = 8

8 months + 1 month = 9 months

Answer choice
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Re: M01-27  [#permalink]

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New post 26 May 2017, 06:04
Why start saving the same month? If he will be earning 25% from next month, I assumed he will start saving 25% from next month ("If he decides to save 25%...." reads the question stem).
So I did 5500/(25% of 125%of 2000) = 5500/625 = 8.8 ~ that means 8 months and additional 1 month = 9 months.

Where did I missed it?
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Re: M01-27  [#permalink]

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New post 26 May 2017, 06:06
AkshayKS21 wrote:
Why start saving the same month? If he will be earning 25% from next month, I assumed he will start saving 25% from next month ("If he decides to save 25%...." reads the question stem).
So I did 5500/(25% of 125%of 2000) = 5500/625 = 8.8 ~ that means 8 months and additional 1 month = 9 months.

Where did I missed it?


The question says: "he decides to save exactly 25% of his salary each month..." not from next month.
_________________

New to the Math Forum?
Please read this: Ultimate GMAT Quantitative Megathread | All You Need for Quant | PLEASE READ AND FOLLOW: 12 Rules for Posting!!!

Resources:
GMAT Math Book | Triangles | Polygons | Coordinate Geometry | Factorials | Circles | Number Theory | Remainders; 8. Overlapping Sets | PDF of Math Book; 10. Remainders | GMAT Prep Software Analysis | SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) | Tricky questions from previous years.

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

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
Extra-hard Quant Tests with Brilliant Analytics

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Re M01-27  [#permalink]

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New post 20 Aug 2018, 07:58
It is not clear whether he saves 2000*25% or 2500*25% in his first month.

It should be mentioned that he starts saving after his salary is raised
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Re M01-27 &nbs [#permalink] 20 Aug 2018, 07:58
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