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M17-26

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V
Joined: 02 Sep 2009
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M17-26 [#permalink]

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New post 16 Sep 2014, 00:02
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  15% (low)

Question Stats:

79% (01:04) correct 21% (01:16) wrong based on 140 sessions

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In 2001 a house cost 20% more than in 2000 and in 2002 it cost 25% less than in 2000. If the house cost $60,000 in 2002, how much did it cost in 2001 ?

A. $40,000
B. $75,000
C. $80,000
D. $96,000
E. $100,000
[Reveal] Spoiler: OA

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Re M17-26 [#permalink]

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New post 16 Sep 2014, 00:02
Official Solution:

In 2001 a house cost 20% more than in 2000 and in 2002 it cost 25% less than in 2000. If the house cost $60,000 in 2002, how much did it cost in 2001 ?

A. $40,000
B. $75,000
C. $80,000
D. $96,000
E. $100,000

Denote \(x\) as the price of the house in 2000. Then its price in 2001 is \(1.2x\) and its price in 2002 is \(0.75x\). It follows from the stem that \(0.75x = 60,000\) from where \(x = 80,000\). The price of the house in 2001 \(= 1.2x = 1.2*80,000 = 96,000\).

Answer: D
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Please read this: Ultimate GMAT Quantitative Megathread | All You Need for Quant | PLEASE READ AND FOLLOW: 12 Rules for Posting!!!

Resources:
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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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Joined: 14 Oct 2012
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Re: M17-26 [#permalink]

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New post 28 Mar 2017, 11:32
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There is NO substitute of READING the question CORRECTLY.
I was over confident and reckless and thus did see that the question was stating "in 2002 it cost 25% less than in 2000" and NOT "in 2002 it cost 25% less than in 2001". So please don't make mistake as i did.
Thanks
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Joined: 08 Jun 2015
Posts: 369
Location: India
GMAT 1: 640 Q48 V29
Re: M17-26 [#permalink]

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New post 16 May 2017, 06:10
Assume the cost of house in 2000 to be x. In 2001 to be 1.2x and in 2002 to be 0.75x. Now it is given that 0.75x=60,000. Now we are required to find out 1.2x. The price in 2001 comes out to be 96,000. Hence option D.
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Re: M17-26   [#permalink] 16 May 2017, 06:10
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