• Target Test Prep
    5-Day Free Trial
    5-day free, full-access trial TTP Quant

    Available with Beat the GMAT members only code

    MORE DETAILS
    Target Test Prep
  • Veritas Prep
    Free Veritas GMAT Class
    Experience Lesson 1 Live Free

    Available with Beat the GMAT members only code

    MORE DETAILS
    Veritas Prep
  • Magoosh
    Magoosh
    Study with Magoosh GMAT prep

    Available with Beat the GMAT members only code

    MORE DETAILS
    Magoosh
  • examPAL
    Most awarded test prep in the world
    Now free for 30 days

    Available with Beat the GMAT members only code

    MORE DETAILS
    examPAL
  • EMPOWERgmat Slider
    1 Hour Free
    BEAT THE GMAT EXCLUSIVE

    Available with Beat the GMAT members only code

    MORE DETAILS
    EMPOWERgmat Slider
  • Kaplan Test Prep
    Free Practice Test & Review
    How would you score if you took the GMAT

    Available with Beat the GMAT members only code

    MORE DETAILS
    Kaplan Test Prep
  • e-gmat Exclusive Offer
    Get 300+ Practice Questions
    25 Video lessons and 6 Webinars for FREE

    Available with Beat the GMAT members only code

    MORE DETAILS
    e-gmat Exclusive Offer
  • Economist Test Prep
    Free Trial & Practice Exam
    BEAT THE GMAT EXCLUSIVE

    Available with Beat the GMAT members only code

    MORE DETAILS
    Economist Test Prep
  • PrepScholar GMAT
    5 Day FREE Trial
    Study Smarter, Not Harder

    Available with Beat the GMAT members only code

    MORE DETAILS
    PrepScholar GMAT
  • Varsity Tutors
    Award-winning private GMAT tutoring
    Register now and save up to $200

    Available with Beat the GMAT members only code

    MORE DETAILS
    Varsity Tutors

From May 1 to May 30 in the same year,

This topic has 1 expert reply and 0 member replies
jjjinapinch Senior | Next Rank: 100 Posts Default Avatar
Joined
24 Jul 2017
Posted:
83 messages

From May 1 to May 30 in the same year,

Post Mon Aug 07, 2017 8:50 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.

Official Guide question
Answer: C

  • +1 Upvote Post
  • Quote
  • Flag

GMAT/MBA Expert

Top Reply
Post Thu Aug 10, 2017 11:21 am
Hi jjjinapinch,

We're told that from May 1 to May 30 in the same year, the balance in a checking account increased. We're asked for the balance in the checking account on May 30. This question is a great example of a 'concept' question, meaning that you don't have to do any actual math to solve it (as long as you recognize the concepts involved).

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

Fact 1 gives us a 'hypothetical' situation, that allows us to create the following equation:
(1.12)(May 1st balance) = $504

We can use this information to figure out the initial balance on May 1st, but since we don't know that ACTUAL increase in the balance of the account, we cannot determine the total in the account on May 30th.
Fact 1 is INSUFFICIENT

2) During this period of time, the increase in the balance in the checking account was 8 percent.

Fact 2 gives us the (percent) increase in the balance of the account, but we still don't know the ending balance on May 30th.
Fact 2 is INSUFFICIENT

Combined, we know:
-The balance on May 1st
-The balance increased by 8% from May 1st to May 30th

With this information, we CAN calculate the balance on May 30th (but we don't actually have to do any of the individual math 'steps' to know that).

Final Answer: C

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

_________________
Contact Rich at Rich.C@empowergmat.com

  • +1 Upvote Post
  • Quote
  • Flag

Best Conversation Starters

1 lheiannie07 108 topics
2 ardz24 67 topics
3 Roland2rule 63 topics
4 LUANDATO 53 topics
5 swerve 46 topics
See More Top Beat The GMAT Members...

Most Active Experts

1 image description GMATGuruNY

The Princeton Review Teacher

143 posts
2 image description Jeff@TargetTestPrep

Target Test Prep

119 posts
3 image description Rich.C@EMPOWERgma...

EMPOWERgmat

116 posts
4 image description Scott@TargetTestPrep

Target Test Prep

101 posts
5 image description Max@Math Revolution

Math Revolution

86 posts
See More Top Beat The GMAT Experts