GMAT Question of the Day - Daily to your Mailbox; hard ones only

It is currently 24 Apr 2019, 11:07

Close

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
Your Progress

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

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel

The average price of an antique car increases over the years. If from

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

 
Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 54495
The average price of an antique car increases over the years. If from  [#permalink]

Show Tags

New post 21 Jun 2016, 03:09
00:00
A
B
C
D
E

Difficulty:

  15% (low)

Question Stats:

89% (02:02) correct 11% (02:18) wrong based on 82 sessions

HideShow timer Statistics

The average price of an antique car increases over the years. If from 1990 to 1996, the price of the car increased by 13% and from 1996 to 2001 it increased by 20%, what is the price of the car in 2001 if the price in 1990 was $11,500?

A. $15,594.
B. $15,322.
C. $14,786.
D. $14,543.
E. $12,988.

_________________
Most Helpful Expert Reply
Math Expert
User avatar
V
Joined: 02 Aug 2009
Posts: 7584
Re: The average price of an antique car increases over the years. If from  [#permalink]

Show Tags

New post 21 Jun 2016, 07:27
5
Bunuel wrote:
The average price of an antique car increases over the years. If from 1990 to 1996, the price of the car increased by 13% and from 1996 to 2001 it increased by 20%, what is the price of the car in 2001 if the price in 1990 was $11,500?

A. $15,594.
B. $15,322.
C. $14,786.
D. $14,543.
E. $12,988.


Ofcourse EXACt method is already given above, just another way due to the choices available...

ans is 11500*1.13*1.2 , so a multiple of 3...
Only A is multiple of 3..
A
_________________
General Discussion
Director
Director
User avatar
G
Joined: 20 Feb 2015
Posts: 795
Concentration: Strategy, General Management
Premium Member
Re: The average price of an antique car increases over the years. If from  [#permalink]

Show Tags

New post 21 Jun 2016, 04:56
price of the car in 1990 = $11500
from 1990 to 1996
increase = 13%
which is (13*115)
price of the car in 1996= $12995

from 1996 to 2001
increase = 20 %
which is (12995)/5 =2599

price of the car in 2001 = 15594
Director
Director
avatar
S
Joined: 21 Mar 2016
Posts: 519
Reviews Badge
Re: The average price of an antique car increases over the years. If from  [#permalink]

Show Tags

New post 21 Jun 2016, 07:14
11500 *1.13 *1.2 = 15594
option A
Intern
Intern
User avatar
Joined: 16 Jul 2014
Posts: 19
Location: United Arab Emirates
Re: The average price of an antique car increases over the years. If from  [#permalink]

Show Tags

New post Updated on: 21 Jun 2016, 07:38
Whenever you have a question in which a value is increased by x% and then increased by y% then the overall effective increase = (x + y + xy/100 ) %

Let's apply the formula in the question.

The effective increase = 13 + 20 + (13×20/100) = 35.6%

This is a little more 33% or 1/3 the original value.

THE QUICKEST WAY TO SOLVE THIS QUESTION IS TO USE APPROXIMATION.

11500 + 1/ 3 (12000) = 15500

Therefore option A is the answer.

I selected 12000 because it's value is a little more 11500 and it's easier to divide by 3 ( ie to calculate 1/3 or 33%).
_________________
KUDOS is great way to help those who have helped you.

THE KILL SET - 700 level Sets quetions

Originally posted by LightYagami on 21 Jun 2016, 07:25.
Last edited by LightYagami on 21 Jun 2016, 07:38, edited 1 time in total.
Current Student
User avatar
Joined: 18 Oct 2014
Posts: 836
Location: United States
GMAT 1: 660 Q49 V31
GPA: 3.98
GMAT ToolKit User
Re: The average price of an antique car increases over the years. If from  [#permalink]

Show Tags

New post 21 Jun 2016, 08:35
1
Bunuel wrote:
The average price of an antique car increases over the years. If from 1990 to 1996, the price of the car increased by 13% and from 1996 to 2001 it increased by 20%, what is the price of the car in 2001 if the price in 1990 was $11,500?

A. $15,594.
B. $15,322.
C. $14,786.
D. $14,543.
E. $12,988.


11,500 *1.13*1.20= Units digit of this expression would be 4.

Only option A has units digit of 4. And hence is the answer
_________________
I welcome critical analysis of my post!! That will help me reach 700+
Intern
Intern
avatar
B
Joined: 22 Jan 2017
Posts: 34
GMAT ToolKit User
Re: The average price of an antique car increases over the years. If from  [#permalink]

Show Tags

New post 14 Jul 2017, 17:56
Divyadisha wrote:
Bunuel wrote:
The average price of an antique car increases over the years. If from 1990 to 1996, the price of the car increased by 13% and from 1996 to 2001 it increased by 20%, what is the price of the car in 2001 if the price in 1990 was $11,500?

A. $15,594.
B. $15,322.
C. $14,786.
D. $14,543.
E. $12,988.


11,500 *1.13*1.20= Units digit of this expression would be 4.

Only option A has units digit of 4. And hence is the answer


That's a really elegant solution! Quick question, how were you able to tell the units digit from 11,500*1.13*1.2. I'm only familiar with doing that for whole numbers.

I got as far as:
11,500*1.13*1.2 --> 115*113*1.2 and then I wasn't quite sure how to see the unit's digit coming to 4.

Thanks in advance!
GMAT Club Bot
Re: The average price of an antique car increases over the years. If from   [#permalink] 14 Jul 2017, 17:56
Display posts from previous: Sort by

The average price of an antique car increases over the years. If from

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  


Copyright

GMAT Club MBA Forum Home| About| Terms and Conditions and Privacy Policy| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.