Summer is Coming! Join the Game of Timers Competition to Win Epic Prizes. Registration is Open. Game starts Mon July 1st.

 It is currently 23 Jul 2019, 06:36

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Events & Promotions

Show Tags

20 Aug 2018, 18:36
1
4
00:00

Difficulty:

45% (medium)

Question Stats:

67% (02:00) correct 33% (02:30) wrong based on 84 sessions

HideShow timer Statistics

Rishi spends $1054.69 on rent each month and receives a set monthly income. In January, he saved a certain amount, and for each following month, he saved $$\frac{3}{2}$$as much as the previous month, spending all his remaining income. How much had he saved by the end of the year? (1) In August, if his rent were$54.69 less and he had saved $8.80 less, his rent and the amount he saved would have been the same. (2) Each year, his rent is $$\frac{12}{5}$$ of his savings. _________________ Intern Joined: 10 Aug 2017 Posts: 2 GMAT 1: 620 Q49 V26 Re: Rishi spends$1054.69 on rent each month and receives a set monthly  [#permalink]

Show Tags

20 Aug 2018, 21:24
Can someone explain how Statement 1 is sufficient?
Manager
Joined: 07 Feb 2017
Posts: 182

Show Tags

21 Aug 2018, 07:17
2
PeepalTree wrote:
Rishi spends $1054.69 on rent each month and receives a set monthly income. In January, he saved a certain amount, and for each following month, he saved $$\frac{3}{2}$$as much as the previous month, spending all his remaining income. How much had he saved by the end of the year? (1) In August, if his rent were$54.69 less and he had saved $8.80 less, his rent and the amount he saved would have been the same. (2) Each year, his rent is $$\frac{12}{5}$$ of his savings. Rent R=1054.69 Income -A Saving - S Next month saving is $$\frac{3}{2}S$$.... Our Ans is $$S+(\frac{3}{2})S+S(\frac{3}{2})^2+.......+S(\frac{3}{2})^{11}$$ So we require to know S (1) In August, if his rent were$54.69 less and he had saved $8.80 less, his rent and the amount he saved would have been the same. In August his actual saving =$$S(\frac{3}{2})^6$$ New case - rent $$= 1054.69-54.69= 1000$$, income = A, And Saving= $$S(\frac{3}{2})^6-8.80$$... $$S(\frac{3}{2})^6-8.80=1000......S(\frac{3}{2})^6=1008.8$$.. You can get S from this Sufficient (2) Each year, his rent is $$\frac{12}{5}$$ of his savings Rent =$$1054.69 *12$$ So $$S*\frac{12}{5} = 1054.69*12.....S=1054.69*5$$ Sufficient D _________________ Rishi spends$1054.69 on rent each month and receives a set monthly   [#permalink] 21 Aug 2018, 07:17
Display posts from previous: Sort by