Check GMAT Club Decision Tracker for the Latest School Decision Releases https://gmatclub.com/AppTrack
GMAT Club

 It is currently 28 Mar 2017, 14:49

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

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

The inflation index for the year 1989 relative to the year

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

Hide Tags

Manager
Joined: 28 May 2009
Posts: 155
Location: United States
Concentration: Strategy, General Management
GMAT Date: 03-22-2013
GPA: 3.57
WE: Information Technology (Consulting)
Followers: 8

Kudos [?]: 215 [0], given: 91

The inflation index for the year 1989 relative to the year [#permalink]

Show Tags

24 Dec 2012, 21:13
00:00

Difficulty:

25% (medium)

Question Stats:

77% (02:12) correct 23% (01:47) wrong based on 64 sessions

HideShow timer Statistics

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

_________________
VP
Status: Been a long time guys...
Joined: 03 Feb 2011
Posts: 1420
Location: United States (NY)
Concentration: Finance, Marketing
GPA: 3.75
Followers: 179

Kudos [?]: 1404 [0], given: 62

Re: The inflation index for the year 1989 relative to the year [#permalink]

Show Tags

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
_________________
Re: The inflation index for the year 1989 relative to the year   [#permalink] 24 Dec 2012, 21:57
Similar topics Replies Last post
Similar
Topics:
3 How old, rounded to the nearest year, was Jim in May 1989 ?(1) Jim’s f 2 15 Mar 2017, 10:05
6 The inflation index for the year 1989 relative to the year 6 26 Dec 2012, 04:34
5 The consumer price index in Zeropia in 2009 relative to the 3 08 Nov 2012, 16:21
4 At the beginning of the year, the Finance Committee and the 8 28 Apr 2012, 22:11
6 In what year was Ellen born? 5 17 Mar 2012, 18:51
Display posts from previous: Sort by

The inflation index for the year 1989 relative to the year

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

 Powered by phpBB © phpBB Group and phpBB SEO 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®.