BREAKING: Target Test Prep releases Brand New 2026 On Demand GMAT prep course

Redeem
TTP OnDemand GMAT Video Course
Featured Course

Target Test Prep GMAT OnDemand

Scott Woodbury-Stewart’s private virtual classroom — 400 hours of master-class video lessons for the GMAT Focus Edition.

  • 715+ score guarantee — highest in the industry (99th percentile)
  • 52 chapters · 1,500+ lessons · 4,000+ practice questions
  • 400 hours of video · 1,500+ instructor-led HD smartboard lessons
  • 300,000+ students accepted to Harvard, Stanford, Wharton, Booth & Sloan & more
  • 24/7 live support + weekly Zoom office hours with GMAT instructors
  • TTP AI Assist — 24/7 AI-powered virtual tutor for instant help
  • 1,200+ flashcards + AI-powered study assistant & daily calendar
  • OnDemand, LiveTeach & GMAT Bootcamp formats available
  • Also: GRE, SAT Math & Executive Assessment courses
  • MBA Admissions Consulting now available
  • 🏆 2025 EdTech Breakthrough Award: Test Prep Solution Provider of the Year
  • 200,000+ students served
  • 5-day free trial — $0 to start, no auto-billing, cancel anytime
★★★★★ 5.0 (559 reviews)
130-pt guarantee
$0 to start then $127/mo
Start Free 5-Day Trial Read 559 Reviews →

Currency Exchange

Expert replies
Post new topic Post Reply
Previous Topic Next Topic
User avatar
Junior | Next Rank: 30 Posts
Posts: 18
Joined: Sat Jun 12, 2010 10:17 pm
Thanked: 1 times
by jcnissi » Sun Jun 13, 2010 9:18 pm
Before leaving on a trip, Ms. Rodes exchanged 500 US dollars for German marks at an exchange rate of 1.55 marks per dollar. When the trip was canceled, she exchanged the total amount of marks for dollars at an exchange rate of 0.60 dollar per mark. What was the total amount, in dollars, that she lost through the two exchanges?

a. $20
b. $30
c. $35
d. $45
e. $55

How is the answer C?
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Source: — Problem Solving |

GMAT/MBA Expert

User avatar
GMAT Instructor
Posts: 1179
Joined: Sun Apr 11, 2010 9:07 pmFollowed by: 88 members
Location: Milpitas, CA
Thanked: 447 times

by Rahul@gurome » Sun Jun 13, 2010 9:38 pm
Initial exchange rate was 1.55 marks per dollar.
So for 500 dollars Ms. Rodes is getting 500*1.55 marks.
When the trip is canceled exchange rate is 0.6 dollars per mark.
So for 500*1.55 marks, she gets 500*1.55*0.6 dollars.
Hence the loss she suffered is 500 - 500*1.55*0.6 dollars
which is 500*(1 - 1.55*0.6) = 500*(1 - 0.93) = 500*(0.07) = 35 dollars.

The correct answer is c.
Rahul Lakhani
Quant Expert
Gurome, Inc.
https://www.GuroMe.com
On MBA sabbatical (at ISB) for 2011-12 - will stay active as time permits
1-800-566-4043 (USA)
+91-99201 32411 (India)
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Post new topic Post Reply
• Page 1 of 1