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Price increased by M% from 1991 to 1992 and by N% from 1992

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Manager
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Status: Current MBA Student
Joined: 19 Nov 2009
Posts: 98
Concentration: Finance, General Management
GMAT 1: 720 Q49 V40
Price increased by M% from 1991 to 1992 and by N% from 1992  [#permalink]

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New post 03 Jan 2011, 18:16
3
00:00
A
B
C
D
E

Difficulty:

  55% (hard)

Question Stats:

57% (01:33) correct 43% (01:53) wrong based on 129 sessions

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Price increased by M% from 1991 to 1992 and by N% from 1992 to 1993. What was the percentage increase in price from 1991 to 1993?

(1) MN = 300
(2) 100M + 100N + MN = 4300

I got this problem correct using DS guessing theory. I reviewed the answer explanation in the m24, but I still did not fully understand. Can someone flesh out statement 2 for me. Thanks!


M24-19
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Re: m24 #19  [#permalink]

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New post 03 Jan 2011, 18:50
1
1991------------------1992-------------------1993
x ------------------ x(1+M/100)------------------x(1+M/100)(1+N/100)

% Increase from 1991 to 1993

(x(1+M/100)(1+N/100) - X) * 100
--------------------------------------- = N+M+MN/100 = (100N+100N+MN)/100 = 4300/100 = 43 %
x

So only B is needed.
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Concentration: Finance
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Re: I got this problem correct using DS guessing theory. I  [#permalink]

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New post 17 Oct 2013, 07:10
tonebeeze wrote:
I got this problem correct using DS guessing theory. I reviewed the answer explanation in the m24, but I still did not fully understand. Can someone flesh out statement 2 for me. Thanks!

Price increased by M% from 1991 to 1992 and by N% from 1992 to 1993. What was the percentage increase in price from 1991 to 1993?

1. MN = 300

2. 100M + 100N + MN = 4300


Hi, would you mind explaining what exactly is DS guessing theory? Could you kindly elaborate more on this?
VP
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Posts: 1001
Re: Price increased by M% from 1991 to 1992 and by N% from 1992  [#permalink]

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New post 16 Jun 2016, 22:41
jlgdr wrote:
tonebeeze wrote:
I got this problem correct using DS guessing theory. I reviewed the answer explanation in the m24, but I still did not fully understand. Can someone flesh out statement 2 for me. Thanks!
Price increased by M% from 1991 to 1992 and by N% from 1992 to 1993. What was the percentage increase in price from 1991 to 1993?

1. MN = 300

2. 100M + 100N + MN = 4300


Hi, would you mind explaining what exactly is DS guessing theory? Could you kindly elaborate more on this?

Let price on 1991 be P
in 1992=P(1+m/100)
1993=P(1+m/100)(1+n/100)
%increase= change(1993)-original(1991)/original(1991)
=P(1+m/100)(1+n/100)-P/P
P cancels out.
(1+m/100)(1+n/100)-1
(10^4+100m+100n+mn-10^4)/10^4
(100m+100n+mn)/10^4------(a)
Given in (2) 100m+100n+mn=4300-------->m+n+mn/100=43----(b)
taking 100 out common from (a)
(m+n+mn/100)/10^2
substituting from(b) we get
43/100
43%
Ans B
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Re: Price increased by M% from 1991 to 1992 and by N% from 1992  [#permalink]

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New post 04 Feb 2019, 08:14
For Statement 2:It seems like a lengthy process.Any shortcuts ?

It took me 4 mins to solve.
GMAT Club Bot
Re: Price increased by M% from 1991 to 1992 and by N% from 1992   [#permalink] 04 Feb 2019, 08:14
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Price increased by M% from 1991 to 1992 and by N% from 1992

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