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What was the percent increase in the value of a certain antique from

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What was the percent increase in the value of a certain antique from  [#permalink]

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New post 22 Dec 2014, 08:43
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Tough and Tricky questions: Word Problems.



What was the percent increase in the value of a certain antique from January 1, 1981, to December 31, 1981?

(1) The value of the antique on January 1, 1981, was $3,000.
(2) The value of the antique on December 31, 1981, was double the value of the antique on January 1,1981.

Kudos for a correct solution.

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Re: What was the percent increase in the value of a certain antique from  [#permalink]

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New post 22 Dec 2014, 08:50
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Solution: Determine a) the value of antique as on Jan 1 and Dec 31
or b) ratio of value as on Jan 1 and Dec 31

Statement 1: The value of the antique on January 1, 1981, was $3,000
We only know the value as on Jan 1, but not as on Dec 31 - Insufficient

Statement 2: The value of the antique on December 31, 1981, was double the value of the antique on January 1,1981
We know the ratio of value as on Jan 1 and Dec 31 (100% rise) - Sufficient

Answer B
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Re: What was the percent increase in the value of a certain antique from  [#permalink]

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New post 22 Dec 2014, 21:24
Note we need to calculate %increase and not value of the object.

S(1): Gives value at the beginning. No way to calculate value at the end. Hence Not Sufficient.

S(2): Tell us that the value doubled. Hence we know the % increase i.e 100%. Hence Suff.

Answer B.
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Re: What was the percent increase in the value of a certain antique from  [#permalink]

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New post 23 Dec 2014, 06:00
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Bunuel wrote:

Tough and Tricky questions: Word Problems.



What was the percent increase in the value of a certain antique from January 1, 1981, to December 31, 1981?

(1) The value of the antique on January 1, 1981, was $3,000.
(2) The value of the antique on December 31, 1981, was double the value of the antique on January 1,1981.

Kudos for a correct solution.



St-1 not sufficient as value or ratio/percentage at Dec 31, 1981 is not present
St-2 is sufficient. Amount doubled means 100% increase.

Ans - B
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Re: What was the percent increase in the value of a certain antique from  [#permalink]

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New post 23 Dec 2014, 11:38
Bunuel wrote:

Tough and Tricky questions: Word Problems.



What was the percent increase in the value of a certain antique from January 1, 1981, to December 31, 1981?

(1) The value of the antique on January 1, 1981, was $3,000.
(2) The value of the antique on December 31, 1981, was double the value of the antique on January 1,1981.

Kudos for a correct solution.



1. We dont know the value on Dec 31 - Not sufficient to find the percent increase
2. Since it is double during the time frame, the percent increase is 100% - Sufficient

Ans B
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Re: What was the percent increase in the value of a certain antique from  [#permalink]

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New post 24 Dec 2014, 08:17
Bunuel wrote:

Tough and Tricky questions: Word Problems.



What was the percent increase in the value of a certain antique from January 1, 1981, to December 31, 1981?

(1) The value of the antique on January 1, 1981, was $3,000.
(2) The value of the antique on December 31, 1981, was double the value of the antique on January 1,1981.

Kudos for a correct solution.


The correct answer is B.
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Resources:
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Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


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Re: What was the percent increase in the value of a certain antique from  [#permalink]

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New post 18 Apr 2018, 06:32
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Bunuel wrote:

Tough and Tricky questions: Word Problems.



What was the percent increase in the value of a certain antique from January 1, 1981, to December 31, 1981?

(1) The value of the antique on January 1, 1981, was $3,000.
(2) The value of the antique on December 31, 1981, was double the value of the antique on January 1,1981.

Kudos for a correct solution.


Target question: What was the percent increase in the value of a certain antique from January 1, 1981, to December 31, 1981?

Percent increase = 100(new - old)/old
So, we can answer the target question if we have the OLD value and the NEW value.

Statement 1: The value of the antique on January 1, 1981, was $3,000.
Okay, so we have the OLD value, but we don't know the NEW value.
So, we don't have enough info to answer the target question
Statement 1 is NOT SUFFICIENT

Statement 2: The value of the antique on December 31, 1981, was double the value of the antique on January 1, 1981.
Although we aren't given specific numbers for the OLD value and NEW value, we still have enough information. Here's why:
Let x = the value of December 31, 1981
This means 2x = the value on January 1, 1981

When we apply the above formula, we get: percent increase = 100(2x - x)/x = 100x/x = 100
So, the answer to the target question is 100 percent
Since we can answer the target question with certainty, statement 2 is SUFFICIENT

Answer: B

Cheers,
Brent
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Re: What was the percent increase in the value of a certain antique from &nbs [#permalink] 18 Apr 2018, 06:32
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