Events & Promotions
|
|
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
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Apr 2512:30 AM EDT
-01:30 AM EDT
At one point, she believed GMAT wasn’t for her. After scoring 595, self-doubt crept in and she questioned her potential. But instead of quitting, she made the right strategic changes. The result? A remarkable comeback to 695. Check out how Saakshi did it.
Apr 2601:30 AM EDT
-02:30 AM EDT
Learn how Keshav, a Chartered Accountant, scored an impressive 705 on GMAT in just 30 days with GMATWhiz's expert guidance. In this video, he shares preparation tips and strategies that worked for him, including the mock, time management, and more.
Apr 2610:00 AM EDT
-11:00 AM EDT
The Target Test Prep course represents a quantum leap forward in GMAT preparation, a radical reinterpretation of the way that students should study. Try before you buy with a 5-day, full-access trial of the course for FREE!
Apr 2711:00 AM EDT
-12:00 PM EDT
Prefer video-based learning? The Target Test Prep OnDemand course is a one-of-a-kind video masterclass featuring 400 hours of lecture-style teaching by Scott Woodbury-Stewart, founder of Target Test Prep and one of the most accomplished GMAT instructors
Apr 2808:00 AM PDT
-11:00 AM PDT
Whether you are just beginning your MBA journey or fine-tuning your path to a 700+ score, GMAT Day is designed to give you a competitive edge.
May 0111:00 AM PDT
-12:00 PM PDT
Free- full-length test + 15 concept videos + 150+ short videos + study plan!
09 May 2024, 01:30
Kudos
Bookmarks
C
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
35%
(medium)
Question Stats:
75% (01:53) correct
25%
(01:31)
wrong
based on 115
sessions
History
Date
Time
Result
Not Attempted Yet
A certain medical insurance company sold two types of policies: individual and family. Individual coverage cost policyholders $250 per year. If the company's total revenue for the year was $257,500, what was the cost to policyholders for a family policy?
(1) The revenue from individual policies was 10% of the total revenue.
(2) The company sold three times as many family policies as they did individual policies.
(1) The revenue from individual policies was 10% of the total revenue.
(2) The company sold three times as many family policies as they did individual policies.
09 May 2024, 04:10
Kudos
Bookmarks
Let the number of individual policies = \(x\), the number of familiy policies = \(y\) and the cost of a family policy = \(a\)
\(250x + ay = 257500\)
We are solving for \(a\).
(1) The revenue from individual policies was 10% of the total revenue.
From this we can work out that the individual policies had a revenue of \(25750\), and therefore there are \(\frac{25750}{250}= 103\) individual policies. However, in terms of the family policies, the only thing this statement provides is the revenue \(257500-25750=231750\). Without knowing how many family policy holders there were, one cannot solve for the price of a single family policy.
INSUFFICIENT
(2) The company sold three times as many family policies as they did individual policies.
This tells us that the ratio of individual policies to family policies is: \(1:3\). From this we can find the revenue of each policy offered, however, without knowing the number of people who took out the family policy it is impossible to solve for the price of the family policy.
INSUFFICIENT
(1+2)
Putting the statements together, we know that there are \(103*3 = 309\) family policy holders, and that their revenue was \(231750\). Therefore, the number of family policies is \(\frac{231750}{309} = 750\)
SUFFICIENT
ANSWER C
\(250x + ay = 257500\)
We are solving for \(a\).
(1) The revenue from individual policies was 10% of the total revenue.
From this we can work out that the individual policies had a revenue of \(25750\), and therefore there are \(\frac{25750}{250}= 103\) individual policies. However, in terms of the family policies, the only thing this statement provides is the revenue \(257500-25750=231750\). Without knowing how many family policy holders there were, one cannot solve for the price of a single family policy.
INSUFFICIENT
(2) The company sold three times as many family policies as they did individual policies.
This tells us that the ratio of individual policies to family policies is: \(1:3\). From this we can find the revenue of each policy offered, however, without knowing the number of people who took out the family policy it is impossible to solve for the price of the family policy.
INSUFFICIENT
(1+2)
Putting the statements together, we know that there are \(103*3 = 309\) family policy holders, and that their revenue was \(231750\). Therefore, the number of family policies is \(\frac{231750}{309} = 750\)
SUFFICIENT
ANSWER C
Moderators:
