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Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.  The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36

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Math Expert V
Joined: 02 Sep 2009
Posts: 58453
The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36  [#permalink]

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Difficulty:   45% (medium)

Question Stats: 67% (02:04) correct 33% (02:18) wrong based on 36 sessions

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The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36,400. His income increased by 20% each year. What was his income in 2005?

(A) 5,600
(B) 8,800
(C) 10,000
(D) 12,000
(E) 14,400

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Manager  B
Joined: 01 May 2017
Posts: 82
Location: India
Re: The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36  [#permalink]

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The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36,400. His income increased by 20% each year. What was his income in 2005?

(A) 5,600
(B) 8,800
(C) 10,000
(D) 12,000
(E) 14,400

Let income in 2003 = x
implies,
income in 2004 = 1.2*x (20% greater than 2003)
income in 2005 = 1.2(1.2*x) ( 20% greater than 2004)

Total income = x + 1.2*x + 1.44*x = 36400 (given)
3.64*x = 36400
x = 10000

So, income in 2005 = 1.44*10000
= 14400

Option E is correct
Senior Manager  G
Joined: 13 Feb 2018
Posts: 450
GMAT 1: 640 Q48 V28 Re: The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36  [#permalink]

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2003 --> x income
2004 --> 1.2x income
2005 --> 1.2*1.2x=1.44x

According to the stem:
x+1.2x+1.44x=36400
x=10 000

1.44x=14400

IMO
ANs: E
VP  D
Joined: 31 Oct 2013
Posts: 1464
Concentration: Accounting, Finance
GPA: 3.68
WE: Analyst (Accounting)
Re: The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36  [#permalink]

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Bunuel wrote:
The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36,400. His income increased by 20% each year. What was his income in 2005?

(A) 5,600
(B) 8,800
(C) 10,000
(D) 12,000
(E) 14,400

suppose,

income in 2003 = 100

income in 2004 = 120

income in 2005 = 144.

Total = 364.

when total income 364, 2005's income is 144

when total income 1, 2005's income is 144/364

when total income 36400, 2005's income is = 144/364 * 36400 = 14400.

E is the correct answer.
GMAT Club Legend  D
Joined: 18 Aug 2017
Posts: 5020
Location: India
Concentration: Sustainability, Marketing
GPA: 4
WE: Marketing (Energy and Utilities)
Re: The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36  [#permalink]

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Bunuel wrote:
The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36,400. His income increased by 20% each year. What was his income in 2005?

(A) 5,600
(B) 8,800
(C) 10,000
(D) 12,000
(E) 14,400

income 2003 = x
2004 = 1.2x
2005 = 1.44 x
so total 3.64 x = 36400
x= 10,000
2005 income = 10,000*1.4 ; 14,400
IMO E
Target Test Prep Representative D
Status: Founder & CEO
Affiliations: Target Test Prep
Joined: 14 Oct 2015
Posts: 8109
Location: United States (CA)
Re: The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36  [#permalink]

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Bunuel wrote:
The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36,400. His income increased by 20% each year. What was his income in 2005?

(A) 5,600
(B) 8,800
(C) 10,000
(D) 12,000
(E) 14,400

We can let n = his income in 2003; thus:

n + 1.2n + (1.2)^2 * n = 36,400

2.2n + 1.44n = 36,400

3.64n = 36,400

n = 36,400/3.64 = 3,640,000/364 = 10,000

Hence, his income in 2005 was (1.2)^2*10000 = 14,400.

Alternate Solution:

Notice that Mr. Teng’s income in 2005 was the greatest among the three years 2003, 2004 and 2005. Thus, his income in 2005 must be greater than the 3-year average of 36400/3 = 12133 1/3 . Only answer choice E is greater than 12133 1/3.

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Scott Woodbury-Stewart

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Scott@TargetTestPrep.com

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If you find one of my posts helpful, please take a moment to click on the "Kudos" button. Re: The total income of Mr. Teng in the years 2003, 2004, and 2005 was \$36   [#permalink] 14 Apr 2019, 18:46
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