Events & Promotions
|
|
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Apr 2610:00 AM EDT
-11:00 AM EDT
The Target Test Prep course represents a quantum leap forward in GMAT preparation, a radical reinterpretation of the way that students should study. Try before you buy with a 5-day, full-access trial of the course for FREE!
Apr 2711:00 AM EDT
-12:00 PM EDT
Prefer video-based learning? The Target Test Prep OnDemand course is a one-of-a-kind video masterclass featuring 400 hours of lecture-style teaching by Scott Woodbury-Stewart, founder of Target Test Prep and one of the most accomplished GMAT instructors
Apr 2808:00 AM PDT
-11:00 AM PDT
Whether you are just beginning your MBA journey or fine-tuning your path to a 700+ score, GMAT Day is designed to give you a competitive edge.
16 Sep 2014, 00:16
Kudos
Bookmarks
Max will earn $2,000 in January but his salary will be increased by 25% the following month. If he saves 25% of his salary every month, how many months will it take him to save $5,500 starting from January?
A. 4
B. 5
C. 6
D. 7
E. 9
A. 4
B. 5
C. 6
D. 7
E. 9
16 Sep 2014, 00:16
Kudos
Bookmarks
Official Solution:
Max will earn $2,000 in January but his salary will be increased by 25% the following month. If he saves 25% of his salary every month, how many months will it take him to save $5,500 starting from January?
A. 4
B. 5
C. 6
D. 7
E. 9
Max will be able to save 25% of $2,000, which is $500 in January. He still needs to save \(5,500 - 500 = $5,000\) more. 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 February and will save $5,000 more in \(\frac{5000}{625} = 8\) months. Therefore it will take Max 9 months to save $5,500.
Answer: E
Max will earn $2,000 in January but his salary will be increased by 25% the following month. If he saves 25% of his salary every month, how many months will it take him to save $5,500 starting from January?
A. 4
B. 5
C. 6
D. 7
E. 9
Max will be able to save 25% of $2,000, which is $500 in January. He still needs to save \(5,500 - 500 = $5,000\) more. 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 February and will save $5,000 more in \(\frac{5000}{625} = 8\) months. Therefore it will take Max 9 months to save $5,500.
Answer: E
General Discussion
24 Feb 2023, 13:47
Kudos
Bookmarks
I have edited the question and the solution by adding more details to enhance its clarity. I hope it is now easier to understand.
