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.
OA C
Source: GMAT Prep
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From May 1 to May 30 in the same year, the balance in a checking account increased. What was the balance in the checking
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BTGmoderatorDC
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Jay@ManhattanReview
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Let's take each statement one by one.BTGmoderatorDC wrote: ↑Sun Jul 05, 2020 4:49 pmFrom 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.
OA C
Source: GMAT Prep
(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
=> Balance on May 1 = 504/112% = $450.
However, we cannot get the balance on May 30. Insufficient.
(2) During this period of time, the increase in the balance in the checking account was 8 percent.
Certainly insufficient.
(1) and (2) together
Balance on May 30 = [Balance on May 1]*108% = 450*108% = A unique value
Correct answer: C
Hope this helps!
-Jay
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