screwdriver and hammer

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sanju09: GMAT Instructor; Posts: 3650; Joined: Wed Jan 21, 2009 4:27 amFollowed by: 80 members; Location: India; Thanked: 267 times; GMAT Score:760

by sanju09 » Thu Mar 22, 2012 12:33 am

A screwdriver and hammer currently have the same price. If the price of the screwdriver rises by 5% and the hammer rises by 3% how much more will it cost to buy 3 screwdrivers and 3 hammers.

The mind is everything. What you think you become. -Lord Buddha

Sanjeev K Saxena
Quantitative Instructor
The Princeton Review - Manya Abroad
Lucknow-226001

www.manyagroup.com

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Source: Beat The GMAT — Quantitative Reasoning | Thu Mar 22, 2012 12:33 am

sam2304: Legendary Member; Posts: 1239; Joined: Tue Apr 26, 2011 6:25 amFollowed by: 26 members; Thanked: 233 times; GMAT Score:680

by sam2304 » Thu Mar 22, 2012 1:05 am

4% increase in total cost.

SD = 100
H = 100

3 SD + 3 H = 600

After increase

SD = 105
H = 103

3 SD + 3 H = 624

% increase = (624 - 600)/600 * 100 = 4 %

Last edited by sam2304 on Thu Mar 22, 2012 1:32 am, edited 1 time in total.

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sanju09: GMAT Instructor; Posts: 3650; Joined: Wed Jan 21, 2009 4:27 amFollowed by: 80 members; Location: India; Thanked: 267 times; GMAT Score:760

by sanju09 » Thu Mar 22, 2012 1:27 am

sam2304 wrote:4% increase in total cost.

SD = 100
H = 100

3 SD + 3 H = 600

After increase

SD = 105
H = 103

3 SD = 3 H = 624

% increase = (624 - 600)/600 * 100 = 4 %

good approach, just a little correction needed

The mind is everything. What you think you become. -Lord Buddha

Sanjeev K Saxena
Quantitative Instructor
The Princeton Review - Manya Abroad
Lucknow-226001

www.manyagroup.com

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ITman10: Junior | Next Rank: 30 Posts; Posts: 17; Joined: Mon Nov 14, 2011 10:39 am

by ITman10 » Thu Mar 22, 2012 10:52 am

"A screwdriver and hammer currently have the same price. If the price of the screwdriver rises by 5% and the hammer rises by 3% how much more will it cost to buy 3 screwdrivers and 3 hammers."

This is what I did:

Currently: SD = H
SD = $100
H = $100

Total Current Price = SD(3) + H(3)
Total Current Price = $300 + $300
Total Current Price = $600

If prices rise to respectable percentages:
Price of SD = SD + SD(.05) ----> SD = $105
Price of H = H + H(.03) ----> H = $103

Now:
SD = $105
H = $103

New Total Price = SD(3) + H(3)
New Total Price = 105(3) + 103(3)
New Total Price = $624

Percentage increase = (New Total Price - Current Total Price) / Current Total Price
Percentage increase = 24 / 600
Percentage increase = 0.04*100
Percentage increase = 4%

It will cost $24 more or 4% more.

**EDIT: Whoops...I totally didn't see the post above mine...sorry about that!**

Let me know if I missed anything

Kind Regards,

Joe B.

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