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Exchange Question

This topic has 4 expert replies and 0 member replies
AbeNeedsAnswers Master | Next Rank: 500 Posts Default Avatar
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Exchange Question

Post Sun Jul 02, 2017 11:11 am
Elapsed Time: 00:00
  • Lap #[LAPCOUNT] ([LAPTIME])
    Is there a fast way to work through this question?

    On a vacation, Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar and spent 3/4 of the euros she received. If she exchanged the remaining euros for dollars at an exchange rate of $1.20 per euro, what was the dollar amount she received?

    A) $60.00
    B) $80.00
    C) $100.00
    D) $120.00
    E) $140.00

    D

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    Post Sun Jul 02, 2017 8:22 pm
    Hi AbeNeedsAnswers,

    Certain Quant questions on the GMAT are just about doing a few math steps - but there are often math 'shortcuts' that you can take advantage of to cut down on the time it takes to complete those steps.

    To start, we're told that Rose exchanged $500 for Euros at a rate of .8 Euros/dollar. Since .8 of 100 = 80, we know that .8 of 500 = (5)(80) = 400 Euros.

    Next, we're told she spent 3/4 of the Euros she received. (3/4) of 400 can be solved either by "multiplying by 3 and then dividing by 4" OR by "dividing by 4 then multiply by 3." Using the second method, we'd have.... 400/4 = 100.... 100(3) = 300 Euros spent.

    This leaves Rose with 400 - 300 = 100 Euros.

    Lastly, we know that she exchanged her remaining Euros at $1.20 per Euro.... (100)($1.20) = $120

    Final Answer: D

    GMAT assassins aren't born, they're made,
    Rich

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    Post Tue Jul 04, 2017 11:09 pm
    AbeNeedsAnswers wrote:
    Is there a fast way to work through this question?

    On a vacation, Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar and spent 3/4 of the euros she received. If she exchanged the remaining euros for dollars at an exchange rate of $1.20 per euro, what was the dollar amount she received?

    A) $60.00
    B) $80.00
    C) $100.00
    D) $120.00
    E) $140.00

    D
    Hi AbeNeedsAnswers,

    You have been posting many questions with a standard query, Is there a fast way to work through this question?

    It would be better if you post your working. This way one can tell you where you may have been wasting your time. Smile

    As far as this question is concerned, it asks for the application of series of easy calculations:

    1. Convert (Do MULTIPLICATION): $500 x 0.60 = Euro 400
    2. Find the amount spent (Do MULTIPLICATION of an integer with a fraction): 400 x (3/4) = Euro 300
    3. Find balance (Do SUBTRACTION): Euro 400 - Euro 300 = Euro 100
    4. Convert (Do MULTIPLICATION): Euro 100 x 1.20 = $120

    The correct answer: D

    Hope this helps!

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    GMAT/MBA Expert

    Post Wed Jul 05, 2017 12:40 am
    Define "fast". At some point it'll come down to how quickly you can do the calculations, and any time spent thinking of a way to avoid them is time that you might have been able to spend solving the problem.

    Don't grow sick longing for the ideal - it's nice to have a clever way of solving a problem, but dreaming those up can waste precious time. Launch into a problem and you'll be surprised grinding away at it will spark some epiphany of a better way to do it.

    Enroll in a Veritas Prep GMAT class completely for FREE. Wondering if a GMAT course is right for you? Attend the first class session of an actual GMAT course, either in-person or live online, and see for yourself why so many students choose to work with Veritas Prep. Find a class now!

    GMAT/MBA Expert

    Post Wed Jul 05, 2017 12:46 am
    That said, here'd be my way.

    Rose got $500 * (4/5) => €400.

    Rose spent (3/4) * €400 => €300.

    Rose was left with €100, for which she recieved $(1.2 * 100), or $120.

    This seems like an easy problem by the GMAT's standards, so if it's giving you a lot of trouble brush up on your computation. In my experience, most students are quite poor at computation when they start studying for the GMAT - even the students whose abstract reasoning is really impressive - but they're often able to (re)learn it very quickly.

    Enroll in a Veritas Prep GMAT class completely for FREE. Wondering if a GMAT course is right for you? Attend the first class session of an actual GMAT course, either in-person or live online, and see for yourself why so many students choose to work with Veritas Prep. Find a class now!

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