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Beegeez2
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D it is


The reason it cant be E is because it is passive.

'Congress considering a new formula' is much better than


'A formula being considered by Congress'
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Mahidhar
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E uses "being" which makes the construction awkward. Moreover, it uses the passive voice which is generally not preferred on the GMAT. Besides these two flaws, the "it" seems to refer to both the formula and the assistance making the construction unclear. D is the most concise option. Hope that helps ...
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Mikhail Bondarenko
I have a problem with "formula" repeatedin C and D, so will go for E.


There is no problem in repeating. Its a good writing skill.

I go with D.

Read this: (Look for heading Repeated Terms)
https://grammar.ccc.commnet.edu/grammar/sentences.htm
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ps_dahiya,

Thanks for going so far as to provide this useful source!
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A, B --- which modifies transit

D is ok

C. E are wordy
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C and D only survive, both of which correctly use NEW FORMULA as a subject.

C is wordy

D is clear and concise, so it's my pick



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