Country X imported approximately $1.44 billion of goods in

Question

Country X imported approximately $1.44 billion of goods in 1996. If Country X imported $288 million of goods in the first two months of 1997 and continued to import goods at the same rate for the rest of the year, by how much would Country X's 1997 imports exceed those of 1996?

(A) $24 million
(B) $120 million
(C) $144 million
(D) $240 million
(E) $288 million

Show Answer

Official Answer

E

(A) $24 million
(B) $120 million
(C) $144 million
(D) $240 million
(E) $288 million

pstrench · Answer

For 1997, Country X imported $288 Million for 2 months. 288/2 = $144 million/month
$144 million x 12 months = $1,728 Million
$1,728 Million - $1,440 Million = $288 Million

thorinoakenshield · Answer

PROBLEM:
Country X imported approximately $1.44 billion of goods in 1996. If Country X imported $288 million of goods in the first two months of 1997 and continued to import goods at the same rate for the rest of the year, by how much would Country Xs 1997 imports exceed those of 1996?
(A) $24 million
(B) $120 million
(C) $144 million
(D) $240 million
(E) $288 million

SOLUTION:

Convert units to millions as answer is in millions

1996 Imports = $1.44 bill = $1440 mill
i.e. 1440/12 = $120 mill/month

1997 Imports = $288 mill/2 month
i.e. $144 mill/month

Difference/month = 144-12 = 24
Difference/year = $24 mill * 12 = $288 mill

ANSWER: E

EMPOWERgmatRichC · Answer

Hi All,

The design of this prompt (and the answer choices) provides a couple of really nice 'shortcuts' to this question, allowing you to avoid having to do every step in the calculation.

First, notice that the answers are in MILLIONS of dollars - this gives us the "end" units that we need to be in.

We're told that there were $1.44 billion in imports in 1996; that's the equivalent of $1,440 million. Next, we're told that there were $288 million in imports for the first 2 months of 1997 and that imports came in at the SAME rate for the rest of the year.

Since 2 months = $288 million.....
12 months = $288 million(6)

We DON'T have to calculate the value of 1 month and then multiply by 12. There's another shortcut though....

288(6) will give us an integer that ENDS in 8....

We know from the wording of the question that the value of the imports in 1997 is GREATER than the value of the imports in 1996. We're asked to calculate the value of that DIFFERENCE.

So, we have a 4-digit number that ends in 8 MINUS a 4-digit number that ends in 0 (1,440). The final answer MUST end in an 8. There's only 1 answer that matches....

Final Answer:  E

GMAT assassins aren't born, they're made,
Rich

bumpbot · Answer

Automated notice from GMAT Club BumpBot: 

A member just gave Kudos to this thread, showing it’s still useful. I’ve bumped it to the top so more people can benefit. Feel free to add your own questions or solutions.

 This post was generated automatically.

Country X imported approximately $1.44 billion of goods in

Prep Toolkit

Top 5 GMAT Debrief Videos

615 to 715 in 15 Days (Ria's Strategies)

More than Quant/Verbal Abilities: Speed vs. Accuracy

745 with Only Self-Prep and GMAT Club

From 555 to 765: 210-point Improvement

Perfect 805 Score Debrief by Julia

My Rewards

GMAT Problem Solving (PS) Questions

Country X imported approximately $1.44 billion of goods in

Prep Toolkit

615 to 715 in 15 Days (Ria's Strategies)

More than Quant/Verbal Abilities: Speed vs. Accuracy

745 with Only Self-Prep and GMAT Club

From 555 to 765: 210-point Improvement

Perfect 805 Score Debrief by Julia

My Rewards