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Mark is playing poker at a casino. Mark starts playing with [#permalink]

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11 Nov 2004, 04:59

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Mark is playing poker at a casino. Mark starts playing with 140 chips, 20% of which are $100 chips and 80% of which are $20 chips. For his first bet, Mark places chips, 10% of which are $100 chips, in the center of the table. If 70% of Mark's remaining chips are $20 chips, how much money did Mark bet?

Can anyone let me know how you would approach a problem such as this one?

Mark is playing poker at a casino. Mark starts playing with 140 chips, 20% of which are $100 chips and 80% of which are $20 chips. For his first bet, Mark places chips, 10% of which are $100 chips, in the center of the table. If 70% of Mark's remaining chips are $20 chips, how much money did Mark bet?

Mark is playing poker at a casino. Mark starts playing with 140 chips, 20% of which are $100 chips and 80% of which are $20 chips. For his first bet, Mark places chips, 10% of which are $100 chips, in the center of the table. If 70% of Mark's remaining chips are $20 chips, how much money did Mark bet?

A. $1,960 B. $1,740 C. $1,540 D. $3,080 E. $2,640

Thanks is advance.

Soln: Total is 140 chips so 100$ chips is 28 and 20$ chips is 112

let he bet X chips. of this .1X chips are 100$ chips and .9X chips are 20$ chips

the left over chips are (140-X) of this .3(140-X) are 100$ chips and .7(140-X) are 20$ chips

thus equation is .1X + .3(140-X) = 28 solving for X X = 70 thus the betting involved 7 (100$) chips and 63 (20$) chips amount is = 7 * 100 + 63 * 20 = 1960

Re: Mark is playing poker at a casino. Mark starts playing with [#permalink]

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17 Nov 2014, 12:22

bump for a good practice question

If Mark has 140 chips and 20% are $100 chips, then Mark has 1/5 of 140 or 28 $100 chips. The other 112 are $20 chips.

10% of the chips he bet were $100 chips so for every 10 chips he bet, the total must have been $100 + 9($20) = $280. We can divide each answer choice by this # to see which one works.

A. 1960/280 = 7, meaning that Frank bet 7 $100 chips and 63 $20 chips. This would bring his total chip count to 140-7-63=70 chips and his $20 chip count down to 112-63=59 chips. So he has 59/70 $20 chips remaining. 70% is what we are looking for which is slighly less than 3/4 and this fraction is much more than that so we need a bigger answer.

B. we need a # larger than answer A so this wont work C. same reason as above D. 3080 / 280 = 11 meaning Frank bet 11 $100 chips and 99 $20 chips. He now has 30 chips left, 13 of which are $20 chips. 13/20 = 65/100 = 65% this is too small so we know Frank must have bet less money.

Mark is playing poker at a casino. Mark starts playing with 140 chips, 20% of which are $100 chips and 80% of which are $20 chips. For his first bet, Mark places chips, 10% of which are $100 chips, in the center of the table. If 70% of Mark's remaining chips are $20 chips, how much money did Mark bet?

A. $1,960 B. $1,740 C. $1,540 D. $3,080 E. $2,640

Initially, he had 80% $20 chips. Then he bet an amount in which he had 90% $20 chips and was left with an amount in which there were 70% $20 chips. Since 80% is the mid of 70% and 90%, it means the number of chips in the two cases were equal. So he bet a total of 140/2 = 70 chips.

7 must be $100 chips with value $700 63 must be $20 chips with value 63*20 = $1260 Total value of the bet = $1960

Re: Mark is playing poker at a casino. Mark starts playing with [#permalink]

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18 Nov 2014, 01:37

VeritasPrepKarishma wrote:

christoph wrote:

Mark is playing poker at a casino. Mark starts playing with 140 chips, 20% of which are $100 chips and 80% of which are $20 chips. For his first bet, Mark places chips, 10% of which are $100 chips, in the center of the table. If 70% of Mark's remaining chips are $20 chips, how much money did Mark bet?

A. $1,960 B. $1,740 C. $1,540 D. $3,080 E. $2,640

Initially, he had 80% $20 chips. Then he bet an amount in which he had 90% $20 chips and was left with an amount in which there were 70% $20 chips. Since 80% is the mid of 70% and 90%, it means the number of chips in the two cases were equal. So he bet a total of 140/2 = 70 chips.

7 must be $100 chips with value $700 63 must be $20 chips with value 63*20 = $1260 Total value of the bet = $1960

Answer (A)

Karishma, I love your weighted method but for this one, i was confused to figure out the reasoning behind it. So sorry but can you elaborate further? Thank you.

Mark is playing poker at a casino. Mark starts playing with 140 chips, 20% of which are $100 chips and 80% of which are $20 chips. For his first bet, Mark places chips, 10% of which are $100 chips, in the center of the table. If 70% of Mark's remaining chips are $20 chips, how much money did Mark bet?

A. $1,960 B. $1,740 C. $1,540 D. $3,080 E. $2,640

Initially, he had 80% $20 chips. Then he bet an amount in which he had 90% $20 chips and was left with an amount in which there were 70% $20 chips. Since 80% is the mid of 70% and 90%, it means the number of chips in the two cases were equal. So he bet a total of 140/2 = 70 chips.

7 must be $100 chips with value $700 63 must be $20 chips with value 63*20 = $1260 Total value of the bet = $1960

Answer (A)

Karishma, I love your weighted method but for this one, i was confused to figure out the reasoning behind it. So sorry but can you elaborate further? Thank you.

Look, that's the thing about weighted averages - don't think of them only after you see terms such as average, mixture etc. They are useful whenever you talk about two groups separately and then together or about one group splitting into two groups.

Here, he has a bunch of 140 chips first with a concentration of 80% $20 chips. He splits the bunch into two groups: One he bets with a concentration of 90% $20 chips The other he keeps with a concentration of 70% $20 chips

The mix is the initial bunch. The 70% group combined with 90% group gives the 80% initial bunch of chips. Now using the usual formula, w1/w2 = (90 - 80)/(80 - 70) = 1:1

The two groups will have equal chips.

Does the use of weighted avgs make sense now?
_________________

Thanks for sharing your knowledge. Could you please do the same with the 100 $ chips?

Thanks in advance

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Yes, you can do the same with the other "ingredient" as well.

The mix has 20% $100 chips, he bet a bunch that has 10% $100 chips and was left with the other bunch that has 30% $100 chips. w1/w2 = (30 - 20)/(20 - 10) = 1:1

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Re: Mark is playing poker at a casino. Mark starts playing with [#permalink]

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22 Jul 2016, 05:51

Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
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