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Exchange Question

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AbeNeedsAnswers Master | Next Rank: 500 Posts Default Avatar
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Exchange Question

Post Sun Jul 02, 2017 11:11 am
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 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.

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Top Reply
Post Thu Dec 07, 2017 5:03 pm
AbeNeedsAnswers wrote:
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
We are given that Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar. Since 1 dollar = 0.8 euros, 500 dollars = 500 x 0.8 = 400 euros.

Since she spent spent 3/4 of her euros, she was left with 1/4 x 400 = 100 euros.

Finally, she exchanged her remaining euros for dollars at a rate of 1.20 dollars per euro.

Since 1 euro = 1.20 dollars, she ended up with 100 x 1.2 = 120 dollars.

Answer: D

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Jeffrey Miller Head of GMAT Instruction

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GMAT/MBA Expert

Matt@VeritasPrep GMAT Instructor
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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.

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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!
Post Thu Dec 07, 2017 5:03 pm
AbeNeedsAnswers wrote:
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
We are given that Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar. Since 1 dollar = 0.8 euros, 500 dollars = 500 x 0.8 = 400 euros.

Since she spent spent 3/4 of her euros, she was left with 1/4 x 400 = 100 euros.

Finally, she exchanged her remaining euros for dollars at a rate of 1.20 dollars per euro.

Since 1 euro = 1.20 dollars, she ended up with 100 x 1.2 = 120 dollars.

Answer: D

_________________
Jeffrey Miller Head of GMAT Instruction

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GMAT/MBA Expert

Matt@VeritasPrep GMAT Instructor
Joined
12 Sep 2012
Posted:
2640 messages
Followed by:
113 members
Upvotes:
625
Target GMAT Score:
V51
GMAT Score:
780
Most Active Expert Most Responsive Expert Most Thanked 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.

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