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nitheeshrp
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You should definitely retake. Although you definitely want a strong overall application that differentiates you from others with a similar profile, it's too much of a gamble to apply with a below-average score. Unless you would rather try and then reapply next year if you don't make it, it's worth putting some time into improving--I certainly wouldn't consider that a waste!

Make sure you keep practicing Quant, too! It's hard to guarantee that you'll push past 47, but it's worth trying, and you certainly don't want to drop due to lack of practice.

Good luck!