GMAT Question of the Day - Daily to your Mailbox; hard ones only

It is currently 17 Jan 2019, 11:31

Close

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

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel
Events & Promotions in January
PrevNext
SuMoTuWeThFrSa
303112345
6789101112
13141516171819
20212223242526
272829303112
Open Detailed Calendar
  • The winning strategy for a high GRE score

     January 17, 2019

     January 17, 2019

     08:00 AM PST

     09:00 AM PST

    Learn the winning strategy for a high GRE score — what do people who reach a high score do differently? We're going to share insights, tips and strategies from data we've collected from over 50,000 students who used examPAL.
  • Free GMAT Strategy Webinar

     January 19, 2019

     January 19, 2019

     07:00 AM PST

     09:00 AM PST

    Aiming to score 760+? Attend this FREE session to learn how to Define your GMAT Strategy, Create your Study Plan and Master the Core Skills to excel on the GMAT.

The turnover of an organization named 'Coverage' was $640 crore per an

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

Hide Tags

 
Manager
Manager
User avatar
G
Joined: 15 Dec 2015
Posts: 115
GMAT 1: 660 Q46 V35
GPA: 4
WE: Information Technology (Computer Software)
The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post Updated on: 30 Jul 2017, 19:22
2
9
00:00
A
B
C
D
E

Difficulty:

  85% (hard)

Question Stats:

55% (02:31) correct 45% (02:45) wrong based on 156 sessions

HideShow timer Statistics

The turnover of an organization named 'Coverage' was $640 crore per annum in 2001.In the same year another organization named 'Miles', established just a few years back, had the turnover of $40 crore per annum.The turnover of 'Miles' increased by 300% every year whereas Coverage's turnover increased by 700% every two years.After how many years will both the companies have the same turnover?

A. 4 years
B. 6 years
C. 8 years
D. 10 years
E. 12 years

Originally posted by DHAR on 30 Jul 2017, 06:59.
Last edited by DHAR on 30 Jul 2017, 19:22, edited 2 times in total.
Most Helpful Community Reply
Intern
Intern
User avatar
B
Joined: 09 Dec 2014
Posts: 37
Re: The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post 30 Jul 2017, 09:04
4
1
DH99 wrote:
The turnover of an organization named 'Coverage' was $640 crore per annum in 2001.In the same year another organization named 'Miles', established just a few years back, had the turnover of $40 crore per annum.The turnover of 'Miles' increased by 300% every year whereas Coverage's turnover increased by 700% every two years.After how many years will both the companies have the same turnover?

A. 4 years
B. 6 years
C. 8 years
D. 10 years
E. 12 years


Let x be the number of years after which turnovers of both the firms be equal.
For 'Miles' increase by 300% every year==> (100+300)/100 = 400/100 ==> 4 times every year
For 'Coverage' increase by 700% every two years ==> (100+700)/100 ==> 800/100 ==> 8 times every two years
We can write the equation by the given data as:

\(40*4^x=640*8^{x/2}\) (as for 'Coverage' the rise is every two years)
\(4^x=16*8^{x/2}\) ==> \(2^{2x}=2^4*(2^3)^{x/2}\)
\(2^{2x}=2^{(8+3x)/2}\) ==> 4x=8+3x ==> x=8
Answer: C
_________________

Thanks,
Ramya

General Discussion
Board of Directors
User avatar
P
Status: QA & VA Forum Moderator
Joined: 11 Jun 2011
Posts: 4330
Location: India
GPA: 3.5
WE: Business Development (Commercial Banking)
GMAT ToolKit User Premium Member CAT Tests
Re: The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post 30 Jul 2017, 08:01
1
DH99 wrote:
The turnover of an organization named 'Coverage' was $640 crore per annum in 2001.In the same year another organization named 'Miles', established just a few years back, had the turnover of $40 crore per annum.The turnover of 'Miles' increased by 300% every year whereas Coverage's turnover increased by 700% every two years.After how many years will both the companies have the same turnover?

A. 4 years
B. 6 years
C. 8 years
D. 10 years
E. 12 years
Attachment:
Capture.JPG
Capture.JPG [ 31.38 KiB | Viewed 2275 times ]

Answer will be (C) after 8 years...

_________________

Thanks and Regards

Abhishek....

PLEASE FOLLOW THE RULES FOR POSTING IN QA AND VA FORUM AND USE SEARCH FUNCTION BEFORE POSTING NEW QUESTIONS

How to use Search Function in GMAT Club | Rules for Posting in QA forum | Writing Mathematical Formulas |Rules for Posting in VA forum | Request Expert's Reply ( VA Forum Only )

Intern
Intern
avatar
B
Joined: 14 Dec 2015
Posts: 3
Re: The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post 30 Jul 2017, 08:42
3
2
Apply the compound interest to solve it quickly. Assume that the turnover of both the companies becomes same at the end of "t" years.

for the organization named "Coverage" , the turnover in t years will be = 640 * ((1 + 7) ^ t/2)
(its t/2 because the turnover increases every 2 years)

for the organization named "Miles", the turnover in t years will be = 40 * ((1 + 3) ^ t)

The coverage will be same after "t" years, hence:
640 * ((1 + 7) ^ t/2) = 40 * ((1 + 3) ^ t)

Solve for "t" , and you will get t = 8 years
Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 52231
Re: The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post 30 Jul 2017, 10:15
DH99 wrote:
The turnover of an organization named 'Coverage' was $640 crore per annum in 2001.In the same year another organization named 'Miles', established just a few years back, had the turnover of $40 crore per annum.The turnover of 'Miles' increased by 300% every year whereas Coverage's turnover increased by 700% every two years.After how many years will both the companies have the same turnover?

A. 4 years
B. 6 years
C. 8 years
D. 10 years
E. 12 years


Please name topics properly. Read rule 3 in our RULES OF POSTING. Thank you.
_________________

New to the Math Forum?
Please read this: Ultimate GMAT Quantitative Megathread | All You Need for Quant | PLEASE READ AND FOLLOW: 12 Rules for Posting!!!

Resources:
GMAT Math Book | Triangles | Polygons | Coordinate Geometry | Factorials | Circles | Number Theory | Remainders; 8. Overlapping Sets | PDF of Math Book; 10. Remainders | GMAT Prep Software Analysis | SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) | Tricky questions from previous years.

Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
Extra-hard Quant Tests with Brilliant Analytics

Intern
Intern
avatar
B
Joined: 18 Jul 2018
Posts: 17
CAT Tests
The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post 04 Nov 2018, 06:08
Hi,

I have a doubt..so if we use geometric progression here, n comes to 6 years. where am i going wrong?
Company coverage in 2001 has a turn over of 640 cr. In 2003 it will have 5120. Therefore, common ratio (r) is 8
Company Mike in 2001 has a turnover of 40 Cr. In 2001 it will have 160 Cr. Therefore common ratio (r) is 4

Company Coverage, x = 40(4)^(n-1)-----------1
Comany Mike, x = 640(8)^{(n/2)-1}-----------2

Equating 1 and 2, we get n = 6
Can you please help me figure where I am going wrong. Thankyou
VP
VP
User avatar
D
Joined: 09 Mar 2016
Posts: 1287
The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post 04 Nov 2018, 07:30
DHAR wrote:
The turnover of an organization named 'Coverage' was $640 crore per annum in 2001.In the same year another organization named 'Miles', established just a few years back, had the turnover of $40 crore per annum.The turnover of 'Miles' increased by 300% every year whereas Coverage's turnover increased by 700% every two years.After how many years will both the companies have the same turnover?

A. 4 years
B. 6 years
C. 8 years
D. 10 years
E. 12 years


pushpitkc chetan2u, Gladiator59 hello there!

formula for compound interest

\(A = p(1+\frac{r}{n})^{nt}\)

p - principal/ amount
r - annual rate of interest
t - number of years the amount is deposted
n - number of years the interest is compounded
a - money accumulated after n years


\(640(1+\frac{7}{2})^{2t} = 40(1+\frac{3}{1})^t\)

\(640(1+3.5)^{2t} = 40(1+3)^t\)

\(640(4.5)^{2t} = 40(4)^t\)

\(2880^{2t} = 160^t\) now what to do ? :? i got stuck here :? :)


for more information about compound formula click here :) https://qrc.depaul.edu/StudyGuide2009/N ... terest.htm
VP
VP
User avatar
D
Joined: 09 Mar 2016
Posts: 1287
The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post 05 Nov 2018, 09:03
cherryriya wrote:
Apply the compound interest to solve it quickly. Assume that the turnover of both the companies becomes same at the end of "t" years.

for the organization named "Coverage" , the turnover in t years will be = 640 * ((1 + 7) ^ t/2)
(its t/2 because the turnover increases every 2 years)

for the organization named "Miles", the turnover in t years will be = 40 * ((1 + 3) ^ t)

The coverage will be same after "t" years, hence:
640 * ((1 + 7) ^ t/2) = 40 * ((1 + 3) ^ t)

Solve for "t" , and you will get t = 8 years




can anyone solve for T after this 640 * ((1 + 7) ^ t/2) = 40 * ((1 + 3) ^ t)? need detailed algebraic solution Bunuel will you be my hero today ? :lol:
Director
Director
avatar
G
Joined: 19 Oct 2013
Posts: 509
Location: Kuwait
GPA: 3.2
WE: Engineering (Real Estate)
GMAT ToolKit User CAT Tests
Re: The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post 05 Nov 2018, 09:23
1
Hi dave13

640 * (1+7)^t/2 = 640 * (8)^t/2 = 640 * (2^3)^t/2 = 640 * 2^(3t/2)

The other hand is 40 * 4^t = 40 * 2^2t

Let 40 * 2^2t = 640 * 2^(3t/2) divide by 40 on both sides.

2^2t = 16 * 2^(3t/2)

2^2t = 2^4 * 2^(3t/2) Since all the base is equal we can equate the powers.

2t = 4 + 3t/2

0.5t = 4

t = 8

Hope this helps :D
Director
Director
avatar
G
Joined: 19 Oct 2013
Posts: 509
Location: Kuwait
GPA: 3.2
WE: Engineering (Real Estate)
GMAT ToolKit User CAT Tests
Re: The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post 05 Nov 2018, 09:29
1
yashna36 wrote:
Hi,

I have a doubt..so if we use geometric progression here, n comes to 6 years. where am i going wrong?
Company coverage in 2001 has a turn over of 640 cr. In 2003 it will have 5120. Therefore, common ratio (r) is 8
Company Mike in 2001 has a turnover of 40 Cr. In 2001 it will have 160 Cr. Therefore common ratio (r) is 4

Company Coverage, x = 40(4)^(n-1)-----------1
Comany Mike, x = 640(8)^{(n/2)-1}-----------2

Equating 1 and 2, we get n = 6
Can you please help me figure where I am going wrong. Thankyou


Hi yashna36

If we look at it from this perspective for Company with 40$ per annum the increase is 300% per year correct?

so it is 40 * (1 + 300%) = 40 * (1+3) = 40 * 4 (per year)

So every year it will increase by 4. This way 40*4 for first year and 40*4*4 for 2nd year etc.. which can be replaced by the compound interest equation.

where 40 is the principal amount 40* (1+3)^x because it goes per year.

The other equation is 640 * (1+7)^(x/2) the reason we are dividing by 2 is because the increase happens every 2 years.

I hope this helps.
VP
VP
User avatar
D
Joined: 09 Mar 2016
Posts: 1287
Re: The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post 05 Nov 2018, 09:35
Salsanousi wrote:
Hi dave13

640 * (1+7)^t/2 = 640 * (8)^t/2 = 640 * (2^3)^t/2 = 640 * 2^(3t/2)

The other hand is 40 * 4^t = 40 * 2^2t

Let 40 * 2^2t = 640 * 2^(3t/2) divide by 40 on both sides.

2^2t = 16 * 2^(3t/2)

2^2t = 2^4 * 2^(3t/2) Since all the base is equal we can equate the powers.

2t = 4 + 3t/2

0.5t = 4

t = 8

Hope this helps :D



Salsanousi mashallah :) thank you. i forgot to divide both sides by 40 :) that is why was getting very very wrong answer :lol:
Director
Director
avatar
G
Joined: 19 Oct 2013
Posts: 509
Location: Kuwait
GPA: 3.2
WE: Engineering (Real Estate)
GMAT ToolKit User CAT Tests
Re: The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post 05 Nov 2018, 09:44
1
I tried approaching the question with backsolving

I tried with 6 first so 40 * 4^6 = 40 * 2^12 and tried to make it equal to the other side of 640 * 8^3 (because every 2 years it happens)

40 * 2^12 = 640 * 2^9

2^12 = 16 * 2^9

2^12 = 2^4 * 2^9 which is not true. 2^12 < 2^13

I tried with C

40 * 4^8 = 640 * 8^4

2^16 = 2^4 * 2^12

2^16 = 2^16
Target Test Prep Representative
User avatar
P
Status: Founder & CEO
Affiliations: Target Test Prep
Joined: 14 Oct 2015
Posts: 4527
Location: United States (CA)
Re: The turnover of an organization named 'Coverage' was $640 crore per an  [#permalink]

Show Tags

New post 07 Nov 2018, 17:57
DHAR wrote:
The turnover of an organization named 'Coverage' was $640 crore per annum in 2001.In the same year another organization named 'Miles', established just a few years back, had the turnover of $40 crore per annum.The turnover of 'Miles' increased by 300% every year whereas Coverage's turnover increased by 700% every two years.After how many years will both the companies have the same turnover?

A. 4 years
B. 6 years
C. 8 years
D. 10 years
E. 12 years


For Miles, when the turnover increased by 300% each year, it means that there was a fourfold increase per year. Let n be a positive integer. In 2n years (after 2001), Miles’ turnover is 40 x 4^(2n). For Coverage, when the turnover increased by 700% every two years, it means that there was an eightfold increase every two years, and so Coverage’s turnover is 640 x 8^n. Since we are interested in determining the number of years since 2001 it took for their turnovers to be the same, we equate the two growth expressions in the following equation:

40 x 4^(2n) = 640 x 8^n

40 x 16^n = 640 x 8^n

16^n/8^n = 640/40

2^n = 16

n = 4

Therefore, in 2 x 4 = 8 years, the two turnovers will be the same.

Answer: C
_________________

Scott Woodbury-Stewart
Founder and CEO

GMAT Quant Self-Study Course
500+ lessons 3000+ practice problems 800+ HD solutions

GMAT Club Bot
Re: The turnover of an organization named 'Coverage' was $640 crore per an &nbs [#permalink] 07 Nov 2018, 17:57
Display posts from previous: Sort by

The turnover of an organization named 'Coverage' was $640 crore per an

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


Copyright

GMAT Club MBA Forum Home| About| Terms and Conditions and Privacy Policy| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

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®.