Hi,

You are right that the only combination of $0.15 and $0.29 that adds to $4.40 is 10*$0.15 + 10*$0.29 = $4.40. This is the reason that Statement 1 is sufficient.

Note that the only way A*$0.15 + B*$0.29 = $4.40 will work is if B is a multiple of 5:
A*$0.15 is definitely a multiple of 5. So is $4.40. Since we add B*$0.29 to one multiple of 5 (A*$0.15) and end up with another ($4.40), B*$0.29 must itself be a multiple of 5. This means B is a multiple of 5.

So we just need to check the cases where B = 0, 5, 10, 15.

If B = 0, A*$0.15 + 0*$0.29 = $4.40, or A*$0.15 = $4.40. $4.40 is not a multiple of $0.15, so this does not work.

If B = 5, A*$0.15 + 5*$0.29 = $4.40, or A*$0.15 = $2.95. $2.95 is not a multiple of $0.15, so this does not work.

If B = 10, A*$0.15 + 10*$0.29 = $4.40, or A*$0.15 = $1.50. $1.50 IS a multiple of $0.15, so this DOES work.

If B = 15, A*$0.15 + 15*$0.29 = $4.40, or A*$0.15 = $0.05. $0.05 is not a multiple of $0.15, so this does not work.

(We can check for divisibility by 15 by checking for divisibility by both 3 and 5. A number is divisible by 3 if its digits sum to a multiple of 3. A number is divisible by 5 if it ends in 0 or 5.)

Thanks a lot for a nice explanation Jose!
Also, is it possible for us to chat online sometime so that i can clear some general querries regarding the GMAT?

what is the answer by the way?

Why not D? Statement 2 is also suff to answer the question. Please advise.

Because statement 2 doesn't give you the total amount. You can have 1 of each stamp, or 2 of each, or 3... etc.