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31 Dec 2020, 00:36
Kudos
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B
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Difficulty:
15%
(low)
Question Stats:
89% (01:22) correct
11%
(01:16)
wrong
based on 55
sessions
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Not Attempted Yet
As a result of dramatic changes in the global currency market, the value of every item in Country X plummeted by 50% from 1990 to 1995. What was the value of a copy of St. Augustine's Confessions in Country X's currency in 1990? (Assume that the only variable influencing changes in the value of the book is the value of Country X's currency.)
(1) The value of St. Augustine's Confessions at the end of 1993 was $30
(2) If the value of every item in Country X had plummeted by 50% from 1995 to 2000, the value of St. Augustine's Confessions in 2000 would have been $25
(1) The value of St. Augustine's Confessions at the end of 1993 was $30
(2) If the value of every item in Country X had plummeted by 50% from 1995 to 2000, the value of St. Augustine's Confessions in 2000 would have been $25
17 Jan 2021, 09:55
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Bunuel
Statement 1:
We seem to have a useful "midpoint" but we don't know how the 50% decrease from 1990 to 1995 was allocated over the 5 years. We may have a 50% decrease from 1990 to 1991 and the currency strength was constant from there, or possibly a rough 10% decrease every year. Thus this information is not as useful and we would need to know the change in currency index from 1990 to 1993 for this to be useful. Insufficient.
Statement 2:
We have a way from 1990 to 1995, and a way from 1995 to 2000. Thus from the macro perspective having the value in 2000 would allow us to backtrack its value in 1990 and this would be sufficient. If the value in 2000 is $25, its value in 1995 would be \(\frac{25}{(1-50\%)} = $50\) and its value in 1990 would be $100.
Ans: B
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