Exchange Question

Question

Is there a fast way to work through this question?

On a vacation, Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar and spent 3/4 of the euros she received. If she exchanged the remaining euros for dollars at an exchange rate of $1.20 per euro, what was the dollar amount she received?

A) $60.00
B) $80.00
C) $100.00
D) $120.00
E) $140.00

D

Rich.C@EMPOWERgmat.com · Answer

Hi AbeNeedsAnswers,

Certain Quant questions on the GMAT are just about doing a few math steps - but there are often math 'shortcuts' that you can take advantage of to cut down on the time it takes to complete those steps.

To start, we're told that Rose exchanged $500 for Euros at a rate of .8 Euros/dollar. Since .8 of 100 = 80, we know that .8 of 500 = (5)(80) = 400 Euros.

Next, we're told she spent 3/4 of the Euros she received. (3/4) of 400 can be solved either by "multiplying by 3 and then dividing by 4" OR by "dividing by 4 then multiply by 3." Using the second method, we'd have.... 400/4 = 100.... 100(3) = 300 Euros spent.

This leaves Rose with 400 - 300 = 100 Euros.

Lastly, we know that she exchanged her remaining Euros at $1.20 per Euro.... (100)($1.20) = $120

Final Answer: D

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

Contact Rich at [email protected]

Jay@ManhattanReview · Answer

AbeNeedsAnswers wrote:Is there a fast way to work through this question?

On a vacation, Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar and spent 3/4 of the euros she received. If she exchanged the remaining euros for dollars at an exchange rate of $1.20 per euro, what was the dollar amount she received?

A) $60.00
B) $80.00
C) $100.00
D) $120.00
E) $140.00

D

Hi AbeNeedsAnswers,

You have been posting many questions with a standard query, Is there a fast way to work through this question?

It would be better if you post your working. This way one can tell you where you may have been wasting your time.

As far as this question is concerned, it asks for the application of series of easy calculations:

1. Convert (Do MULTIPLICATION): $500 x 0.60 = Euro 400
2. Find the amount spent (Do MULTIPLICATION of an integer with a fraction): 400 x (3/4) = Euro 300
3. Find balance (Do SUBTRACTION): Euro 400 – Euro 300 = Euro 100
4. Convert (Do MULTIPLICATION): Euro 100 x 1.20 = $120

The correct answer: D

Hope this helps!

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-Jay
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Matt@VeritasPrep · Answer

Define "fast". At some point it'll come down to how quickly you can do the calculations, and any time spent thinking of a way to avoid them is time that you might have been able to spend solving the problem.

Don't grow sick longing for the ideal - it's nice to have a clever way of solving a problem, but dreaming those up can waste precious time. Launch into a problem and you'll be surprised grinding away at it will spark some epiphany of a better way to do it.

Matt@VeritasPrep · Answer

That said, here'd be my way.

Rose got $500 * (4/5) => €400.

Rose spent (3/4) * €400 => €300.

Rose was left with €100, for which she recieved $(1.2 * 100), or $120.

This seems like an easy problem by the GMAT's standards, so if it's giving you a lot of trouble brush up on your computation. In my experience, most students are quite poor at computation when they start studying for the GMAT - even the students whose abstract reasoning is really impressive - but they're often able to (re)learn it very quickly.

Jeff@TargetTestPrep · Answer

AbeNeedsAnswers wrote:
On a vacation, Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar and spent 3/4 of the euros she received. If she exchanged the remaining euros for dollars at an exchange rate of $1.20 per euro, what was the dollar amount she received?

A) $60.00
B) $80.00
C) $100.00
D) $120.00
E) $140.00

We are given that Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar. Since 1 dollar = 0.8 euros, 500 dollars = 500 x 0.8 = 400 euros.

Since she spent spent 3/4 of her euros, she was left with 1/4 x 400 = 100 euros.

Finally, she exchanged her remaining euros for dollars at a rate of 1.20 dollars per euro.

Since 1 euro = 1.20 dollars, she ended up with 100 x 1.2 = 120 dollars.

Answer: D

Jeffrey Miller
Head of GMAT Instruction
[email protected]

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SampathKp · Answer

AbeNeedsAnswers wrote:Is there a fast way to work through this question?

On a vacation, Rose exchanged $500.00 for euros at an exchange rate of 0.80 euro per dollar and spent 3/4 of the euros she received. If she exchanged the remaining euros for dollars at an exchange rate of $1.20 per euro, what was the dollar amount she received?

A) $60.00
B) $80.00
C) $100.00
D) $120.00
E) $140.00

D

Intial amount = $ 500 at exchhange rate of 0.8 is 20% decrease that is 400 Euros.

spending 3/4 of 400 is 300 euros. Remaining Euros left is 100.

1.2 exchange rate is 20% increase . That is $120

Answer is D

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