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A store reported total sales of $385 million for February of

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Walkabout
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A store reported total sales of $385 million for February of [#permalink] New post  07 Dec 2012, 05:31
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A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales?

(A) 2%
(B) 17%
(C) 20%
(D) 65%
(E) 83%
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Bunuel
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Re: A store reported total sales of $385 million for February of [#permalink] New post  07 Dec 2012, 05:35
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Walkabout wrote:
A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales?

(A) 2%
(B) 17%
(C) 20%
(D) 65%
(E) 83%


Last year's sales = $320 million;
This year's sales = $385 million;
Increase = $65 million.

Now, 20% of $320 million is $64 million, which is very close to actual increase of $65 million.

Answer: C.

OR:
General formula for percent increase or decrease, or percent change:

\(Percent=\frac{Change}{Original}*100\) --> \(Percent=\frac{65}{320}*100=\frac{13}{64}*100\approx{\frac{13}{65}}*100=20%\).

Answer: C.
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Shadow88
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Re: A store reported total sales of $385 million for February of [#permalink] New post  15 Dec 2012, 02:45
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This might sound stupid, but how do we know that we need to round up 64 to 65 without losing to much time. I did this question before and it took over 2 min before i knew that i had to round 64 to 65 in order to solve the problem. Do you have any trick in mind?
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Bunuel
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Re: A store reported total sales of $385 million for February of [#permalink] New post  15 Dec 2012, 05:14
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Shadow88 wrote:
This might sound stupid, but how do we know that we need to round up 64 to 65 without losing to much time. I did this question before and it took over 2 min before i knew that i had to round 64 to 65 in order to solve the problem. Do you have any trick in mind?


65 is the closest multiple of 13: 5*13=65.
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Re: A store reported total sales of $385 million for February of [#permalink] New post  11 Sep 2014, 07:09
Walkabout wrote:
A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales?

(A) 2%
(B) 17%
(C) 20%
(D) 65%
(E) 83%




last year= 320
this year = 385

((385-320)/320)*100 = (65/320 )*100 approx.. 20
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Re: A store reported total sales of $385 million for February of [#permalink] New post  24 Sep 2014, 19:31
Increase = 385 - 320 = 65

% Increase \(= \frac{65}{320} * 100 = 20%\)

Answer = C
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Re: A store reported total sales of $385 million for February of [#permalink] New post  21 Oct 2015, 03:28
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Walkabout wrote:
A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales?

(A) 2%
(B) 17%
(C) 20%
(D) 65%
(E) 83%


Percentage increase = \(\frac{(Final - Original)}{Original}*100\)

Substituting the values here

\(\frac{(385 - 320)}{320}\)* 100 = (65/320)*100 = 20% approx
Option C
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Re: A store reported total sales of $385 million for February of [#permalink] New post  07 Jun 2016, 11:09
Expert Reply
Walkabout wrote:
A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales?

(A) 2%
(B) 17%
(C) 20%
(D) 65%
(E) 83%


The problem is testing us on using the percent change formula:

(New Value – Old Value)/Old Value x 100

We are given:

February sales this year = 385 million

February sales last year = 320 million

We need to determine the percent increase between sales from last year to sales this year.

Thus, the new value = 385 million and the old value = 320 million. Let’s plug them into our percent change formula.

(New Value – Old Value)/Old Value x 100

[(385 – 320)/320] x 100

65/320 x 100

13/64 x 100 ≈ 13/65 x 100 ≈ 1/5 x 100 ≈ 20%.

The answer is C.
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Re: A store reported total sales of $385 million for February of [#permalink] New post  12 Oct 2018, 03:20
First thing is you can approximate since the percentages are wide apart.

385 - 320 = 65

original amount = 320 so every 32 is 10%

20% is equal to 64 M

so answer is slightly above 20% hence C is the closest answer.
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Re: A store reported total sales of $385 million for February of [#permalink] New post  27 Jan 2019, 19:47
Walkabout wrote:
A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales?

(A) 2%
(B) 17%
(C) 20%
(D) 65%
(E) 83%


Percentage increase = \(\frac{(Final - Original)}{Original}*100\)

\(\frac{(385 - 320)}{320}*100\)

\(\frac{(65)}{320}*100\)

\(\frac{(65)}{32}*10\) Cross off a zero from 320 and 100

\(\frac{65}{32}\) is close to 2, so 2 * 10 = 20%

Answer is C
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Re: A store reported total sales of $385 million for February of [#permalink] New post  16 Apr 2020, 07:51
Walkabout wrote:
A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales?

(A) 2%
(B) 17%
(C) 20%
(D) 65%
(E) 83%

\(\frac{65}{320}*100\) ~ \(20\)%

Thus, Answer must be (C)
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Re: A store reported total sales of $385 million for February of [#permalink] New post  16 Dec 2020, 14:47
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\(\frac{new - old }{ old}\)

\(\frac{385 - 320 }{ 320}\)

\(\frac{65 }{ 320}\) = approximately 20%

Answer is C.
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Re: A store reported total sales of $385 million for February of [#permalink] New post  23 Aug 2021, 04:15
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Re: A store reported total sales of $385 million for February of [#permalink] New post  18 Oct 2021, 07:41
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Walkabout wrote:
A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales?

(A) 2%
(B) 17%
(C) 20%
(D) 65%
(E) 83%


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Re: A store reported total sales of $385 million for February of [#permalink] New post  18 Apr 2024, 01:59
In the recent Gmat OG 2023 books, this question is marked under hard level of problem. So does this mean that the value for the question is incorrectly marked by GMAT. Since the thread mentions it a sub 505 level question
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Bunuel
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Re: A store reported total sales of $385 million for February of [#permalink] New post  18 Apr 2024, 02:21
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Aiku12 wrote:
In the recent Gmat OG 2023 books, this question is marked under hard level of problem. So does this mean that the value for the question is incorrectly marked by GMAT. Since the thread mentions it a sub 505 level question

­GMAT and GMAT Club base their difficulty levels on different pools of statistics, so there may be some discrepancies between the two. The difficulty level of this question on the forum is determined by over 3,000 attempts by users through the timer:
 

So, as you can see, this question is fairly easy based on the stats we have. Additionally, the question is genuinely easy, so I'm surprised that GMAT categorizes it as hard.
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A store reported total sales of $385 million for February of [#permalink] New post  18 Apr 2024, 03:47
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­I agree with you Bunuel.

In my view, a good idea should be to find common ground among

1) How GMAC classifies the question: hard, medium, and easy
2) The opinion of the experts like you
3) The statistics

For example, the passage I suggested to change the tag the other day was not sub -500 because it appeared to me just in the middle of my verbal mock, and in the end, I had three questions incorrect overall, careless mistakes.

My assumption is that it was not  a sub-500. Of course, I am just saying this. What I am pointing out is not necessarily correct.

 ­
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