Bunuel wrote:
The Official Guide For GMAT® Quantitative Review, 2ND EditionIf the total price of n equally priced shares of a certain stock was $12,000, what was the price per share of the stock?
(1) If the price per share of the stock had been $1 more, the total price of the n shares would have been $300 more.
(2) If the price per share of the stock had been $2 less, the total price of the n shares would have been 5 percent less.
Solution:
Question Stem Analysis:We need to determine the price per share of the stock, given that the total price of n shares of this stock was $12,000. Therefore, the price per share of the stock was 12,000/n dollars. In other words, if we can determine the value of n, then we can determine the price per share of the stock.
Statement One Alone:We can create the equation:
(12,000/n + 1) * n = 12,000 + 300
12,000 + n = 12,300
n = 300
Since n = 300, the price per share of the stock was 12,000/300 = $40. Statement one alone is sufficient.
Statement Two Alone:
(12,000/n - 2) * n = 12,000 * 0.95
12,000 - 2n = 11,400
600 = 2n
300 = n
Once again, we see the price per share of the stock was $40. Statement two alone is sufficient.
Answer: D