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What was the ledger balance in the saving bank account on January 31?

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What was the ledger balance in the saving bank account on January 31?  [#permalink]

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New post 11 Oct 2018, 03:13
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A
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C
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E

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  35% (medium)

Question Stats:

59% (00:54) correct 41% (01:17) wrong based on 43 sessions

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What was the ledger balance in the saving bank account on January 31?


(1) Had the increase in the ledger balance, from January 1 to January 31, in the saving bank account been 15 percent, then the ledger balance in the account on January 31 would have been $1150.

(2) From January 1 to January 31, the increase in the ledger balance in the saving bank account was 10 percent.

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Re: What was the ledger balance in the saving bank account on January 31?  [#permalink]

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New post 11 Oct 2018, 04:47
The answer is C.

We can solve this question Logically - by examining the type of data which is necessary to solve the question.
Both statements describe a balance which changed between two dates (1st and 31st), meaning we have three variables: the original balance, the new one and the change between them.
As with any equation with three variables, we'll have to know two of them (the balance on the 1st and the change) in order to find the third (the balance on the 31st).

1) this is entirely hypothetical - since we don't know if the increase was indeed 15% or not, this tells us nothing about the balance on the 31st.
2) Without any data on the balance on the 1st, knowing the difference from that balance is insufficient.

Combined: (1) is sufficient to find the balance on the 1st (by dividing 1150 by 1.15). (2) gives us the change. Together, we have two variables out of three - sufficient!!

(to spell it out: the balance on the 1st is 1150/1.15= 1,000. the change is 10%. 1,000*1.1=1,100= the balance on the 31st)
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Re: What was the ledger balance in the saving bank account on January 31?   [#permalink] 11 Oct 2018, 04:47
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What was the ledger balance in the saving bank account on January 31?

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