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17 Feb 2023, 02:11
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Difficulty:
95%
(hard)
Question Stats:
55% (03:01) correct
45%
(03:09)
wrong
based on 229
sessions
History
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On December 31, 2018, a company had 9.6 million regular users of its product and set a goal to increase this number by \(16 \frac{2}{3}\)% the next year. In the second, third, and fourth quarters of the following year, the company gained 400,000, 425,000, and 475,000 users, respectively. Approximately what annual rate of increase would the company have needed in the first quarter to ensure they reached the goal ?
A. \(6 \frac{1}{4}\)%
B. \(8\)%
C. \(10\)%
D. \(12 \frac{1}{2}\)%
E. \(20\)%
A. \(6 \frac{1}{4}\)%
B. \(8\)%
C. \(10\)%
D. \(12 \frac{1}{2}\)%
E. \(20\)%
26 Feb 2023, 01:41
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The company had 9.6M = 9,600,000 (96lacs) users in 2018, but wanted a 16\frac{2}{3}% increase by the end of next year.
This increase would mean 9,600,000 * (\frac{50}{300}) = 1,600,000 (16lacs) more users.
In the second, third and fourth quarters, the company already did 400k + 425k + 475k = 1,300,000 (13lacs) users.
To attain their goal, they'd have to do 300,000 in the first quarter.
We need to find x in 9,600,000*(\frac{x}{100}) = 300,000
But this 300,000 increase is for the quarter, and we are asked to find the annual increase.
So, we will have to make sure to multiply \frac{x}{100} with \frac{3}{12. }
Therefore, now finding x in the equation: 9,600,000*(\frac{x}{100}*\frac{3}{12}) = 300,000
x = 12.5%
This increase would mean 9,600,000 * (\frac{50}{300}) = 1,600,000 (16lacs) more users.
In the second, third and fourth quarters, the company already did 400k + 425k + 475k = 1,300,000 (13lacs) users.
To attain their goal, they'd have to do 300,000 in the first quarter.
We need to find x in 9,600,000*(\frac{x}{100}) = 300,000
But this 300,000 increase is for the quarter, and we are asked to find the annual increase.
So, we will have to make sure to multiply \frac{x}{100} with \frac{3}{12. }
Therefore, now finding x in the equation: 9,600,000*(\frac{x}{100}*\frac{3}{12}) = 300,000
x = 12.5%
General Discussion
RiyaJain69
Joined: 30 Dec 2020
Last visit: 30 Dec 2025
Posts: 116
Given Kudos: 112
Location: India
Schools: IIMC '25 (WA) IIMB '25 (D) IIMA PGPX'25 (D)
GMAT 1: 700 Q48 V39
18 Feb 2023, 10:36
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I'm getting >3%. Wondering where I'm going wrong. 🤔
