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# The inflation index for the year 1989 relative to the year

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Manager
Joined: 28 May 2009
Posts: 155

Kudos [?]: 266 [0], given: 91

Location: United States
Concentration: Strategy, General Management
GMAT Date: 03-22-2013
GPA: 3.57
WE: Information Technology (Consulting)
The inflation index for the year 1989 relative to the year [#permalink]

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24 Dec 2012, 21:13
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Difficulty:

25% (medium)

Question Stats:

76% (01:11) correct 24% (01:36) wrong based on 76 sessions

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The inflation index for the year 1989 relative to the year 1970 was 3.56, indicating that, on the average, for each dollar spent in 1970 for goods, $3.56 had to be spent for the same goods in 1989. If the price of a Model K mixer increased precisely according to the inflation index, what was the price of the mixer in 1970? (1) The price of the Model K mixer was$102.40 more in 1989 than in 1970.

(2) The price of the Model K mixer was \$142.40 in 1989.
[Reveal] Spoiler: OA

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Kudos [?]: 266 [0], given: 91

VP
Status: Been a long time guys...
Joined: 03 Feb 2011
Posts: 1378

Kudos [?]: 1703 [0], given: 62

Location: United States (NY)
Concentration: Finance, Marketing
GPA: 3.75
Re: The inflation index for the year 1989 relative to the year [#permalink]

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24 Dec 2012, 21:57
Let the price in year 1970 be $$x$$ and in 1989 be $$y$$.
Given relation: $$y=3.56x$$

Statement 1:-$$y=x+102.4$$,
We have two equation and two variables. Hence x, or price in 1970, can be found out. Sufficient.

Statement 2:-$$y=142.4$$
Since $$x=y/3.56$$, hence x, or price in 1970, can be found out. Sufficient
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Kudos [?]: 1703 [0], given: 62

Re: The inflation index for the year 1989 relative to the year   [#permalink] 24 Dec 2012, 21:57
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