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Fifteen clowns decided to contribute equal amounts of money

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Fifteen clowns decided to contribute equal amounts of money

by BTGmoderatorLU » Fri Oct 04, 2019 9:04 am
Source: Veritas Prep

Fifteen clowns decided to contribute equal amounts of money to buy a car. However, when three of the clowns backed out, the remaining clowns had to increase their payments by $500 apiece to compensate. How much did each remaining clown end up paying for his or her share of the car?

A. $1,000
B. $1,500
C. $2,000
D. $2,500
E. $3,000

The OA is D
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by Jay@ManhattanReview » Fri Oct 04, 2019 8:53 pm
BTGmoderatorLU wrote:Source: Veritas Prep

Fifteen clowns decided to contribute equal amounts of money to buy a car. However, when three of the clowns backed out, the remaining clowns had to increase their payments by $500 apiece to compensate. How much did each remaining clown end up paying for his or her share of the car?

A. $1,000
B. $1,500
C. $2,000
D. $2,500
E. $3,000

The OA is D
Say the cost of the car is $x. Thus each clown agreed to pay $(x/15). However, when three of the clowns backed out, the remaining clowns had to $(x/12) each.

Increase in contribution = $(x/12 - x/15) = $500 => x = $30,000.

Thus, each clown had to pay x/12 = 30,000/12 = $2,500.

The correct answer: D

Hope this helps!

-Jay
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