Don't understand this problem (seems easy)

Expert replies

H2O: Junior | Next Rank: 30 Posts; Posts: 20; Joined: Mon Jun 30, 2008 3:28 pm; Thanked: 1 times

by H2O » Thu Jul 10, 2008 8:59 am

Hi all,

I encountered the following problem on the practice GMAT and for some reason can't figure out why they got the answer they did.

A certain library asseses fines for overdue books as follows. On the first day a book is overdue, the charge is $0.10. For each additional day that the book is overdue, the total fine is either increased by $0.30 or doubled, whichever results in a lesser amount. What is the total fine for a book on the fourth day it is overdue?

Seems easy, but I keep getting the wrong answer. Maybe I'm not reading it right.

Source: Beat The GMAT — Problem Solving | Thu Jul 10, 2008 8:59 am

punit.kaur.mba: Master | Next Rank: 500 Posts; Posts: 104; Joined: Wed Feb 13, 2008 1:44 pm; Thanked: 8 times

by punit.kaur.mba » Thu Jul 10, 2008 9:05 am

My answer is 0.7. Whats the OA?

https://punitkaur.blocked/

H2O: Junior | Next Rank: 30 Posts; Posts: 20; Joined: Mon Jun 30, 2008 3:28 pm; Thanked: 1 times

by H2O » Thu Jul 10, 2008 9:07 am

My answer was $0.90, but the correct answer is $0.70, what you got. Can you please explain?

punit.kaur.mba: Master | Next Rank: 500 Posts; Posts: 104; Joined: Wed Feb 13, 2008 1:44 pm; Thanked: 8 times

by punit.kaur.mba » Thu Jul 10, 2008 9:11 am

ok here you go:

1st day - 0.1
2nd day - either 0.4(0.1+0.3) or 0.2(0.1 x 2) . We choose the least so 0.2
3rd day - either 0.5(0.2 + 0.3) or 0.4(0.2 x 2). We choose 0.4
4th day - either 0.7(0.4 + 0.3) or 0.8(0.4 x 2). We choose 0.7

Ans is 0.7

Let me know if u have quest.

https://punitkaur.blocked/

H2O: Junior | Next Rank: 30 Posts; Posts: 20; Joined: Mon Jun 30, 2008 3:28 pm; Thanked: 1 times

by H2O » Thu Jul 10, 2008 9:36 am

Oh, I see, I was not reading the problem right. When it said "the total amount" I thought I had to add the amount from the previous day to the next day and double or add .30 to that number. This was confusing. Thank you for explaining.

Featured schoolRound 2 closes Jan 7, 2027 54 days left

Chicago Booth

Since 1982, 10 Booth faculty members have received the Nobel Prize in Economic Sciences, more than any other business school.

#3
U.S. News rank: $175,000
Median base salary: 670
Average GMAT Focus: 635
Students in the class

Apply to Booth Visit chicagobooth.edu See the full profile

Photo: Warren LeMay, CC BY-SA 2.0

GMAT Course Reviews

563 reviews

1168 reviews

431 reviews

359 reviews

147 reviews

5/5

5 Star (563 Reviews)

"Target Test Prep is the closest to the official version of the GMAT exam, about 99% accuracy in terms of the quality and quantity of information. The course has excellently created singular sets of focused lessons and tests for every possible topic that one could come across in the official GMAT exam."

"The TTP course maximizes the efficiency of the time you spend studying. It will take time and effort but I could almost guarantee that if you complete the course exactly as it is laid out you will get an amazing score. They also have a very responsive team willing to help with any questions you might have."

"TTP has two things that I think no other test prep company offers: A teaching approach that reinforces understanding and an attitude that will give you the mental preparedness needed to succeed on the test. TTP gives you a deep understanding of the concept you need to know while teaching you how to think."

Write a Review