Hi AAPL,
Your approach is spot-on. When dealing with these types of questions, Number Property rules and pattern-recognition can often be quite helpful (and can help you to work through the math in an efficient fashion).
First, we're multiplying two 2-digit numbers together and ending up with 221. The smallest possible 2-digit number is 10, so the larger of the two values won't be any bigger than 22 (and you can prove rather quickly that 22 is NOT an option; see below).
Second, since we're multiplying two numbers together and ending with an ODD number, we know that the 2 numbers MUST be ODD (since Odd x Odd = Odd).
Third, when multiplying numbers together, the "units digit" of the end result will be the product of the units digit of the numbers that you multiplied together. Here, we need a product that ends in a 1 AND we know that we're multiplying two ODD numbers together. There are only a few options: two numbers that both end in a 1, two numbers that both end in a 9 or one number that ends in a 3 and one that ends in a 7.
At this point, a bit of multiplication and/or division is all that's left.
GMAT assassins aren't born, they're made,
Rich