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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, 17:57

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62% (01:27) correct 38% (01:39) wrong based on 211 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

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

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

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10 Oct 2017, 06:29

Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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