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by ketkoag » Wed May 06, 2009 10:29 am
From May 1 to May 30 in the same year, the balance in a checking account increased.
What was the balance in the checking account on May 30?
(1) If, during this period of time, the increase in the balance in the checking
account had been 12 percent, then the balance in the account on May 30 would
have been $504
(2) During this period of time, the increase in the balance in the checking account
was 8 percent.

Now here this is a ques from sets and i am not sure but is the answer given directly in statement A for this ques or we have to ceck what is the percentage increase and the ans would then be E? please explain what exactly do we need here to find the balance on may 30 as i think that we need the actual percent increase for that month to calculate the balance. i'll post OA after few posts.
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Source: — Data Sufficiency |
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by Uri » Wed May 06, 2009 11:06 am
IMHO the OA should be (C).

from st. 1 we can find the amount in the account on May 1. but we will not be able to find the final amount on May 31. so, (1) is insufficient.

from st. (2), we know the rate of increase. but if we don't know the initial amount then we can not calculate the final one also.

combining (1) and (2) we get all the required information.
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by ketkoag » Thu May 07, 2009 11:15 am
i marked the same answer that is C but OA is : A
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by scoobydooby » Thu May 07, 2009 11:37 am
stment 1)
let opening balance (1st May)=x
increase is 14%
=> closing balance (30 May)=1.14x. given that 1.14x=504
=>x=504/1.14
=>closing balance (30 May)=504/1.14*1.14=504

(in other words, closing balance is given) sufficient

stment 2)
let opening balance be x
increase is 8%
=>closing balance: 1.08x. we do not know x
not sufficient

hence, A
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by Uri » Thu May 07, 2009 10:32 pm
scoobydooby wrote:stment 1)
let opening balance (1st May)=x
increase is 14%
=> closing balance (30 May)=1.14x. given that 1.14x=504
=>x=504/1.14
=>closing balance (30 May)=504/1.14*1.14=504

(in other words, closing balance is given) sufficient

stment 2)
let opening balance be x
increase is 8%
=>closing balance: 1.08x. we do not know x
not sufficient

hence, A
scoobydooby, IMHO, the answer can not be (A). you needed no calculation to prove that (A) is sufficient, as according to you, the answer is clearly given! moreoever, if you observe the statement (1) a little more carefully, then you will find that it is only saying that the amount would be so much if the interest rate was so much. it never says that the actual interest rate was so. moreoever, in statement (2) the actual interest rate is given. the two interest rates in these two statements are clearly contradictory., which is not a characteristic of GMAT questions.

dear ketkoag, i have seen that several of your questions have wrong OA. as i have requested perhaps many times earlier also, if possible, firstly, please mention your source while posting, and secondly, please get rid of this source for your own benefit. there are many other good resources available even for free or for small amount.
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by scoobydooby » Fri May 08, 2009 5:02 am
you are right uri, the interest rate is not given in statement1. it cant be A. my bad, i fell into the trap
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