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# The financial aid office of a certain college has agreed to provide

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Director
Joined: 08 Jun 2013
Posts: 552
Location: France
Schools: INSEAD Jan '19
GMAT 1: 200 Q1 V1
GPA: 3.82
WE: Consulting (Other)
The financial aid office of a certain college has agreed to provide  [#permalink]

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29 Sep 2018, 02:19
1
00:00

Difficulty:

25% (medium)

Question Stats:

92% (02:20) correct 8% (03:26) wrong based on 36 sessions

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The financial aid office of a certain college has agreed to provide a $9,000 grant to every student whose total family income (not including the grant) is$22,500 or less. However, for every $40 in family income above this figure, the grant is reduced by$10. If Cedric's award is reduced 40%, what is his family income?

A) $26,100 B)$27,000
C) $31,500 D)$36,900
E) $44,100 _________________ Everything will fall into place… There is perfect timing for everything and everyone. Never doubt, But Work on improving yourself, Keep the faith and Stay ready. When it’s finally your turn, It will all make sense. Manager Joined: 14 Jun 2018 Posts: 223 Re: The financial aid office of a certain college has agreed to provide [#permalink] ### Show Tags 29 Sep 2018, 10:04 Cedric's award is reduced 40% = 9000*.4 = 3600 For every 40$ above , 10$is reduced. Therefore , his family income was 22500 + (3600*40) = 36900 Intern Joined: 04 Oct 2017 Posts: 9 Re: The financial aid office of a certain college has agreed to provide [#permalink] ### Show Tags 01 Oct 2018, 03:44 pandeyashwin wrote: Cedric's award is reduced 40% = 9000*.4 = 3600 For every 40$ above , 10$is reduced. Therefore , his family income was 22500 + (3600*40) = 36900 it should be 22500 + (3600*40/10) = 36900 Intern Joined: 31 Dec 2017 Posts: 28 Concentration: Finance The financial aid office of a certain college has agreed to provide [#permalink] ### Show Tags 01 Oct 2018, 04:30 Harshgmat wrote: The financial aid office of a certain college has agreed to provide a$9,000 grant to every student whose total family income (not including the grant) is $22,500 or less. However, for every$40 in family income above this figure, the grant is reduced by $10. If Cedric's award is reduced 40%, what is his family income? A)$26,100
B) $27,000 C)$31,500
D) $36,900 E)$ 44,100

Cedric's award = $$60/100(9000) = 5,400$$.

For every $$40$$ higher than $$22,500$$ the grant gets reduced by $$10$$: here the grant got reduced by $$3,600$$, i.e., $$3600/10 = 360$$ times, by $$40$$. So, the family income must be $$22,500 + (360*40) = 36,900$$. Ans - D.
The financial aid office of a certain college has agreed to provide   [#permalink] 01 Oct 2018, 04:30
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# The financial aid office of a certain college has agreed to provide

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