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100 points for $49 worth of Veritas practice GMATs FREE VERITAS PRACTICE GMAT EXAMS Earn 10 Points Per Post Earn 10 Points Per Thanks Earn 10 Points Per Upvote ## A store reported (OG2016) tagged by: Brent@GMATPrepNow ##### This topic has 4 expert replies and 1 member reply ## A store reported (OG2016) ## Timer 00:00 ## Your Answer A B C D E ## Global Stats Difficult A store reported total sales of$385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales? A) 2% B) 17% C) 20% D) 65% E) 83% OA: C ### GMAT/MBA Expert GMAT Instructor Joined 08 Dec 2008 Posted: 12744 messages Followed by: 1247 members Upvotes: 5254 GMAT Score: 770 boomgoesthegmat wrote: A store reported total sales of$385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales? A) 2% B) 17% C) 20% D) 65% E) 83% Percent increase = 100(new - old)/old So: Percent increase = 100(385 - 320)/(320) = 100(65)/320 = 6500/320 = 650/32 ≈ 20% Answer: C RELATED VIDEO - Percent increases and decreases: https://www.gmatprepnow.com/module/gmat-arithmetic/video/1078 Cheers, Brent _________________ Brent Hanneson – Creator of GMATPrepNow.com Use our video course along with Sign up for our free Question of the Day emails And check out all of our free resources GMAT Prep Now's comprehensive video course can be used in conjunction with Beat The GMAT’s FREE 60-Day Study Guide and reach your target score in 2 months! ### GMAT/MBA Expert GMAT Instructor Joined 12 Sep 2012 Posted: 2635 messages Followed by: 116 members Upvotes: 625 Target GMAT Score: V51 GMAT Score: 780 % change = 100 * (New - Old)/Old = 100 * (385 - 320)/320 = 100 * 65/320 = 6500/320 ≈ 6400 / 320 ≈ 20 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 GMAT Instructor Joined 09 Apr 2015 Posted: 1461 messages Followed by: 18 members Upvotes: 39 boomgoesthegmat wrote: A store reported total sales of$385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales? A) 2% B) 17% C) 20% D) 65% E) 83% We can solve this problem by using the percent change formula: (New Value - Old Value)/Old Value x 100 We are given: February sales this year = 385 million = new February sales last year = 320 million = old Percent change = (New Value - Old Value)/Old Value x 100 Percent change = [(385 - 320)/320] x 100 Percent change = 65/320 x 100 Percent change = 13/64 x 100 ≈ 13/65 x 100 = 1/5 x 100 = 20% Answer: B _________________ Jeffrey Miller Head of GMAT Instruction ### GMAT/MBA Expert Elite Legendary Member Joined 23 Jun 2013 Posted: 10112 messages Followed by: 494 members Upvotes: 2867 GMAT Score: 800 Hi All, We're told that a store reported total sales of$385 million for February of this year and the total sales for the same month last year was $320 million. We're asked for the approximate percent increase in sales. This question can be solved in a couple of different ways, including with a mix of 'brute force' and TESTing THE ANSWERS. Since the 5 answers are specific percentages, one of them must be the approximate percent increase. A couple of them are relative easy to TEST. 1% of$320 million = $3.2 million so.... 2% of$320 million = $6.4 million The difference between$385 million and $320 million is$65 million though, so $6.4 million is about 1/10 of what we need it to be. This points us to the correct answer though.... 10% of$320 million = $32 million so.... 20% of$320 million = $64 million That$64 million is almost exactly what we're looking for. The exact percentage would obviously be a little bit MORE than 20%, but Answer C is the only one that's 'close', so this must be the answer.

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

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$$\%\ increase=\frac{\left(Final-Original\right)}{Original}\cdot100$$

Substituting the values here,
$$\frac{\left(385-320\right)}{320}\cdot100=\left(\frac{65}{320}\right)\cdot100\approx20\%$$
Option C.

Regards!

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