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M17-26

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M17-26 [#permalink]

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New post 16 Sep 2014, 01:02
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A
B
C
D
E

Difficulty:

  15% (low)

Question Stats:

81% (01:05) correct 19% (01:24) wrong based on 165 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

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Re M17-26 [#permalink]

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New post 16 Sep 2014, 01:02
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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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: M17-26 [#permalink]

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New post 28 Mar 2017, 12:32
1
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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Re: M17-26 [#permalink]

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New post 16 May 2017, 07:10
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]

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New post 16 Jun 2018, 07:39
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

This type of question can be solved by taking base=100. It makes calculation simpler as below:
let price of house in 2000 = 100
=> in 2001 = 100*1.2= 120
=> in 2002 =100*0.75 =75
Now from question, it's given that 75=60,000
Therefore, 120 =(60000/75)*120= 96,000

D is the answer.
Re: M17-26   [#permalink] 16 Jun 2018, 07:39
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