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14 Jun 2016, 13:38
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Difficulty:

5% (low)

Question Stats:

91% (01:23) correct 9% (01:58) wrong based on 1876 sessions

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On a vacation, Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar and spent $$\frac{3}{4}$$ of the euros she received. If she exchanged the remaining euros for dollars at an exchange rate of$1.20 per euro, what was the dollar amount she received?

A) $60.00 B)$80.00
C) $100.00 D)$120.00

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14 Jun 2016, 17:15
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AbdurRakib wrote:
On a vacation,Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar and spent $$\frac{3}{4}$$ of the euros she received.If she exchanged the remaining euros for dollars at an exchange rate of$1.20 per euro, what was the dollar amount she received?

A) $60.00 B)$80.00
C) $100.00 D)$120.00
E) $140.00 Dear AbdurRakib, This is a great question! Thanks for posting it! I'm happy to respond. Step #1 She exchanges$500 for euros at 0.8 euro/dollar. Set up a proportion, where x is the number of euros she originally received

(x/$500) = (0.8 euro)/($1)

Cross-multiply and use the doubling & halving rule:
x = 0.8*500 = 0.4*1000 = 400 euros

Step #2
She spends 3/4, so after her wild days in Europe, she is left with just 100 euros.

Step #3
She exchanges 100 euros back to dollars at $1.20 per euro. Again set up a proportion, where y is the number of dollars she gets back. y/100 =$1.20/(1 euro)

Cross-multiply:

y = $1.20*100 =$120

Does all this make sense?
Mike
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Mike McGarry
Magoosh Test Prep

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Re: On a vacation, Rose exchanged $500.00 for euros at an exchange rate of [#permalink] Show Tags 22 Jun 2017, 04:23 7 AbdurRakib wrote: On a vacation,Rose exchanged$500.00 for euros at an exchange rate of 0.80 euro per dollar and spent $$\frac{3}{4}$$ of the euros she received.If she exchanged the remaining euros for dollars at an exchange rate of $1.20 per euro, what was the dollar amount she received? A)$60.00
B) $80.00 C)$100.00
D) $120.00 E)$140.00

No Need to convert $to Euro and Vice-versa. Exchange rate of$ to Euro = 0.80
Exchange rate of Euro to $= 1.20 % of Money Received if she exchanges$500 to Euro and back = 0.8 * 1.2 = 0.96 = 96%

Therefore, there is a 4% Net loss of Money due to exchange.

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15 Jun 2016, 00:44
Rose got 400 Euros
She spent 300 Euros
Remaining Euros = 100 Euros
She got $120 (@$1.20 per euro)
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Re: On a vacation, Rose exchanged $500.00 for euros at an exchange rate of [#permalink] Show Tags 02 Dec 2016, 06:47 3 1 AbdurRakib wrote: On a vacation,Rose exchanged$500.00 for euros at an exchange rate of 0.80 euro per dollar and spent $$\frac{3}{4}$$ of the euros she received.If she exchanged the remaining euros for dollars at an exchange rate of $1.20 per euro, what was the dollar amount she received? A)$60.00
B) $80.00 C)$100.00
D) $120.00 E)$140.00

We are given that Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar. Since 1 dollar = 0.8 euros, 500 dollars = 500 x 0.8 = 400 euros. Since she spent spent 3/4 of her euros, she was left with 1/4 x 400 = 100 euros. Finally, she exchanged her remaining euros for dollars at a rate of 1.20 dollars per euro. Since 1 euro = 1.20 dollars, she ended up with 100 x 1.2 = 120 dollars. Answer: D _________________ Scott Woodbury-Stewart Founder and CEO Scott@TargetTestPrep.com 122 Reviews 5-star rated online GMAT quant self study course See why Target Test Prep is the top rated GMAT quant course on GMAT Club. Read Our Reviews If you find one of my posts helpful, please take a moment to click on the "Kudos" button. Intern Joined: 11 Feb 2017 Posts: 1 Re: On a vacation, Rose exchanged$500.00 for euros at an exchange rate of  [#permalink]

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15 Nov 2017, 21:24
1
Let me try to help in a simple manner.

$500*0.8*1/4*1.2 =$500*4/5*1/4*6/5
= $120 Posted from my mobile device Intern Joined: 15 Sep 2018 Posts: 31 Re: On a vacation, Rose exchanged$500.00 for euros at an exchange rate of  [#permalink]

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16 Sep 2018, 14:45
On a vacation, Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar and spent 3/4 of the euros she received. If she exchanged the remaining euros for dollars at an exchange rate of$1.20 per euro, what was the dollar amount she received?

A) $60.00 B)$80.00
C) $100.00 D)$120.00
E) $140.00 Since nations have their own unique currencies, the need to change from one currency to another is important when one travels from one country to another. This question is based on this scenario. Step 1: The amount of dollars Rose exchanged originally into euros =$500.00 at the rate of 0.80 euro per dollar.

Step 2: At the rate of 0.8 euro per dollar, $500.00 = 500 x 0.8 = 400 euros. This means that Rose collected 400 euros for the$500 exchanged.

Step 3: Since Rose spent ¾ of the 400 euros she received; the amount she spent is given as: ¾ x 400 = 300 euros. The remaining number of euros that Rose has after spending 300 euros is 400 -300 = 100 euros.

Step4: Rose exchanged the 100 euros that remained back to dollars at an exchange rate of $1.20 per euro. The dollar amount Rose received from this transaction is calculated as follows: 100 x$1.20

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05 Dec 2018, 10:54
Like many others I solved this the same way. What I did however was to change the decimals to fractions. So 500$x 4/5 = 400. Then she spent 3/4 of that so 400 x 3/4 = 300. (Or to save time she saved 1/4 of that leading to 100). Then she exchanged 100 euros back to dollars at 1.2. Thus 100 x 1.2 = 120. 500$ x 4/5 = 400 euros total
400 euros x 1/4 remaining = 100 euros remaining
100 euros x 1.2 exchange rate = 120$Posted from my mobile device Intern Joined: 01 Sep 2016 Posts: 2 Location: United States Schools: Marshall '21 (A) GRE 1: Q154 V165 Re: On a vacation, Rose exchanged$500.00 for euros at an exchange rate of  [#permalink]

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15 Apr 2019, 20:05
There's a speedy method here, provided that you've memorized your fractions:
Recognize that 0.8 euros can be stated as the fraction 4/5... then you are left with the much faster equation of (500 dollars)*(4/5 euros)=400 euros

If she spends 3/4th of what she has: (400 euros)(3/4)=300 euros. She has 100 euros remaining. Just convert that to dollars:
(100 euros)(1.20 dollars/1 euro)=120 dollars.
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Re: On a vacation, Rose exchanged $500.00 for euros at an exchange rate of [#permalink] Show Tags 11 May 2019, 05:01 Sample☺ Dollar to euro rate is .8 500*.8=400 euro Spent =3/4*400=300 Remaining euro =400-300=100 So, converted to dollar =100*1.2=120 dollar Answer:D Posted from my mobile device Re: On a vacation, Rose exchanged$500.00 for euros at an exchange rate of   [#permalink] 11 May 2019, 05:01
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