It is currently 20 Mar 2018, 20:27

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

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

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

Two hedge funds reported their performance for the last fiscal year.

Author Message
TAGS:

Hide Tags

Intern
Joined: 19 Oct 2014
Posts: 41
Location: India
Concentration: Finance, Entrepreneurship
GMAT 1: 600 Q48 V25
GMAT 2: 670 Q49 V31
GPA: 3.26
WE: Operations (Manufacturing)
Two hedge funds reported their performance for the last fiscal year. [#permalink]

Show Tags

15 May 2016, 19:52
2
This post was
BOOKMARKED
00:00

Difficulty:

45% (medium)

Question Stats:

63% (01:17) correct 37% (01:08) wrong based on 138 sessions

HideShow timer Statistics

Two hedge funds reported their performance for the last fiscal year. Hedge fund A earned 5% and hedge fund B earned 8% last year. How many more dollars did hedge fund B generate than did hedge fund A?

(1) Hedge fund B managed $2M more in assets under management than did hedge fund A. (2)The total amount of money earned by the two hedge funds last year was$1.2M
[Reveal] Spoiler: OA

Last edited by Bunuel on 15 May 2016, 21:46, edited 1 time in total.
Renamed the topic and edited the question.
Math Expert
Joined: 02 Aug 2009
Posts: 5726
Two hedge funds reported their performance for the last fiscal year. [#permalink]

Show Tags

15 May 2016, 20:28
Expert's post
2
This post was
BOOKMARKED
gocoder wrote:
Two hedge funds reported their performance for the last fiscal year. Hedge fund A earned 5% and hedge fund B earned 8% last year. How many more dollars did hedge fund B generate than did hedge fund A?

(1) Hedge fund B managed $2M more in assets under management than did hedge fund A. (2)The total amount of money earned by the two hedge funds last year was$1.2M

Hi,
we require to know the individual amount in each hedge fund
Let the amount be A and B..
(1) Hedge fund B managed $2M more in assets under management than did hedge fund A. B=A+2 hedge A earned = $$\frac{5}{100} * (A)..$$ hedge B earned = $$\frac{8}{100} * (A+2)$$.. difference = $$\frac{8}{100}* (A+2) - \frac{5}{100} * A = \frac{3A}{100} + \frac{16}{100}$$ we just know the difference, but we require the numeric value .. Insuff (2)The total amount of money earned by the two hedge funds last year was$1.2M.
this just tells us -
$$\frac{8}{100} *B + \frac{5}{100} A$$ = 1.2..
Insuff

Combined
we have two variables and two equations..
$$\frac{8}{100} *B + \frac{5}{100} A$$ = 1.2..
B=A+2
Suff

C
_________________

Absolute modulus :http://gmatclub.com/forum/absolute-modulus-a-better-understanding-210849.html#p1622372
Combination of similar and dissimilar things : http://gmatclub.com/forum/topic215915.html

GMAT online Tutor

Manager
Joined: 14 Dec 2011
Posts: 77
Re: Two hedge funds reported their performance for the last fiscal year. [#permalink]

Show Tags

01 Nov 2017, 07:43
chetan2u wrote:

(2)The total amount of money earned by the two hedge funds last year was $1.2M. this just tells us - |8/100 *B - 5/100 A| = 1.2.. Insuff C I got this question, but i am a little confused in s(2) Isn't s(2) says .08B + .05A =$1.2M ?

Just want to clarify

Thanks
Intern
Joined: 26 Feb 2017
Posts: 22
Re: Two hedge funds reported their performance for the last fiscal year. [#permalink]

Show Tags

01 Nov 2017, 20:51
chetan2u wrote:
gocoder wrote:
Two hedge funds reported their performance for the last fiscal year. Hedge fund A earned 5% and hedge fund B earned 8% last year. How many more dollars did hedge fund B generate than did hedge fund A?

(1) Hedge fund B managed $2M more in assets under management than did hedge fund A. (2)The total amount of money earned by the two hedge funds last year was$1.2M

(A) Statement 1 alone is sufficient but statement 2 alone is not sufficient to answer the question asked.

(B) Statement 2 alone is sufficient but statement 1 alone is not sufficient to answer the question asked.

(C) Both statements 1 and 2 together are sufficient to answer the question but neither statement is sufficient alone.

(D) Each statement alone is sufficient to answer the question.

Hi,
we require to know the individual amount in each hedge fund
Let the amount be A and B..
(1) Hedge fund B managed $2M more in assets under management than did hedge fund A. B=A+2 hedge A earned = $$\frac{5}{100} * (A)..$$ hedge B earned = $$\frac{8}{100} * (A+2)$$.. difference = $$\frac{8}{100}* (A+2) - \frac{5}{100} * A = \frac{3A}{100} + \frac{16}{100}$$ we just know the difference, but we require the numeric value .. Insuff (2)The total amount of money earned by the two hedge funds last year was$1.2M.
this just tells us -
|8/100 *B - 5/100 A| = 1.2..
Insuff

Combined
we have two variables and two equations..
Suff

C

OPtion A: Hedge fund B managed $2M more in assets under management than did hedge fund A. This is just one area where Hedge fund B managed$2M more in assets than hedge fund A. We dont know that in total hedge fund B managed $2M more than hedge fund A. No other areas are specified. Can you clarify? Senior Manager Joined: 27 May 2012 Posts: 459 Two hedge funds reported their performance for the last fiscal year. [#permalink] Show Tags 21 Nov 2017, 05:27 kartzcool wrote: chetan2u wrote: gocoder wrote: Two hedge funds reported their performance for the last fiscal year. Hedge fund A earned 5% and hedge fund B earned 8% last year. How many more dollars did hedge fund B generate than did hedge fund A? (1) Hedge fund B managed$2M more in assets under management than did hedge fund A.

(2)The total amount of money earned by the two hedge funds last year was $1.2M (A) Statement 1 alone is sufficient but statement 2 alone is not sufficient to answer the question asked. (B) Statement 2 alone is sufficient but statement 1 alone is not sufficient to answer the question asked. (C) Both statements 1 and 2 together are sufficient to answer the question but neither statement is sufficient alone. (D) Each statement alone is sufficient to answer the question. (E) Statements 1 and 2 are not sufficient to answer the question asked and additional data is needed to answer the statements. Hi, we require to know the individual amount in each hedge fund Let the amount be A and B.. (1) Hedge fund B managed$2M more in assets under management than did hedge fund A.
B=A+2
hedge A earned = $$\frac{5}{100} * (A)..$$
hedge B earned = $$\frac{8}{100} * (A+2)$$..
difference = $$\frac{8}{100}* (A+2) - \frac{5}{100} * A = \frac{3A}{100} + \frac{16}{100}$$
we just know the difference, but we require the numeric value ..
Insuff

(2)The total amount of money earned by the two hedge funds last year was $1.2M. this just tells us - |8/100 *B - 5/100 A| = 1.2.. Insuff Combined we have two variables and two equations.. Suff C OPtion A: Hedge fund B managed$2M more in assets under management than did hedge fund A.

This is just one area where Hedge fund B managed $2M more in assets than hedge fund A. We dont know that in total hedge fund B managed$2M more than hedge fund A.
No other areas are specified.

Can you clarify?

Correct , I have the same doubt? This is just one area , how can we assume that hedge fund A had overall 2M more in profits than hedge fund B.
Thank you.
_________________

- Stne

Math Expert
Joined: 02 Aug 2009
Posts: 5726
Re: Two hedge funds reported their performance for the last fiscal year. [#permalink]

Show Tags

21 Nov 2017, 06:54
vinnik, it was a typo corrected..
stne and kartzcool,
we cannot say what these hedge funds are made of unless you are part of it or woud have read it..
In quant, therefore, we would go straight with the words as we are not being tested
Otherwise under management means the funds wit them, so its ok as it is

and maybe in CR, we can use this as a flaw in reasoning or weakening or assumption etc
_________________

Absolute modulus :http://gmatclub.com/forum/absolute-modulus-a-better-understanding-210849.html#p1622372
Combination of similar and dissimilar things : http://gmatclub.com/forum/topic215915.html

GMAT online Tutor

Re: Two hedge funds reported their performance for the last fiscal year.   [#permalink] 21 Nov 2017, 06:54
Display posts from previous: Sort by