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The price of a microchip declines by 67 percent every 6 months. At thi [#permalink]

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09 Jul 2007, 18:57

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A

B

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D

E

Difficulty:

65% (hard)

Question Stats:

54% (02:34) correct
46% (01:38) wrong based on 182 sessions

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The price of a microchip declines by 67 percent every 6 months. At this rate, approximately how many years will it take for the price of an $81 microchip to reach $1?

A. 1.5 years B. 2 years C. 3 years D. 13 years E. 13.5 years

Re: The price of a microchip declines by 67 percent every 6 months. At thi [#permalink]

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25 Oct 2014, 09:39

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Re: The price of a microchip declines by 67 percent every 6 months. At thi [#permalink]

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20 Nov 2015, 00:16

Hello from the GMAT Club BumpBot!

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This question is really just about fractions and basic arithmetic, so you don't need a 'fancy' approach to solve it - you just need to do the necessary work on the pad.

We're told to start with an $81 microchip and that its price reduces by about 2/3 every 6 months. We're asked how long it takes for that chip to get to a $1 price. A few calculations should be all that's required to get to the answer:

Start: $81

Reducing this price by 2/3 means that 1/3 of the price will be left: (1/3)(81) = 27 The price 6 months later is $27

We can repeat this same set of 'steps' again... (1/3)(27) = 9 The price 12 months later is $9

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