In the first quarter of 2008, Harry's Hardware Store sold 30

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ktrout2020: Senior | Next Rank: 100 Posts; Posts: 41; Joined: Wed Oct 30, 2019 1:10 pm

In the first quarter of 2008, Harry's Hardware Store sold 30

by ktrout2020 » Tue Nov 12, 2019 4:12 pm

In the first quarter of 2008, Harry's Hardware Store sold 300 hammers and 12,000 nails. In the second quarter of 2008, the store sold 375 hammers and 18,000 nails. By approximately what percent did the ratio of hammers sold to nails sold decrease from the first quarter to the second quarter.

A. 0.4%
B. 2.1%
C. 2.5%
D. 17%
E. 25%

Source: Manhattan Prep

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Source: Beat The GMAT — Problem Solving | Tue Nov 12, 2019 4:12 pm

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Brent@GMATPrepNow: GMAT Instructor; Posts: 16207; Joined: Mon Dec 08, 2008 6:26 pm; Location: Vancouver, BC; Thanked: 5254 times; Followed by:1268 members; GMAT Score:770

by Brent@GMATPrepNow » Thu Nov 14, 2019 7:46 am

ktrout2020 wrote:In the first quarter of 2008, Harry's Hardware Store sold 300 hammers and 12,000 nails. In the second quarter of 2008, the store sold 375 hammers and 18,000 nails. By approximately what percent did the ratio of hammers sold to nails sold decrease from the first quarter to the second quarter.

A. 0.4%
B. 2.1%
C. 2.5%
D. 17%
E. 25%

Source: Manhattan Prep

1st quarter: hammers/nails = 300/12,000 = 150/6000
2nd quarter: hammers/nails = 375/18,000 = 125/6000
ASIDE: It's useful to write both ratios with the same denominator. This allows us to IGNORE the denominator and focus solely on the numerators.

So, our ratio went from 150/6000 to 125/6000
Ignoring the denominators, we went from 150 to 125
The percent change = 100(difference in values)/(original value)
= (100)(150 - 125)/150
= (100)(25)/150)
= (100)(1)/(6)
= 100/6
â‰ˆ 16.666...

Answer: D

Cheers,
Brent

Brent Hanneson - Creator of GMATPrepNow.com

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Scott@TargetTestPrep: GMAT Instructor; Posts: 8085; Joined: Sat Apr 25, 2015 10:56 am; Location: Los Angeles, CA; Thanked: 43 times; Followed by:29 members

by Scott@TargetTestPrep » Mon Nov 18, 2019 8:31 am

ktrout2020 wrote:In the first quarter of 2008, Harry's Hardware Store sold 300 hammers and 12,000 nails. In the second quarter of 2008, the store sold 375 hammers and 18,000 nails. By approximately what percent did the ratio of hammers sold to nails sold decrease from the first quarter to the second quarter.

A. 0.4%
B. 2.1%
C. 2.5%
D. 17%
E. 25%

Source: Manhattan Prep

The ratio of hammers to nails in the first quarter was 300/12,000 = 3/120 = 1/40. The ratio of hammers to nails in the second quarter was 375/18,000 = 1/48.

We can use the percent change formula: (New - Old)/Old x 100 to create the equation:

(375/18,000 - 300/12,000)/(300/12,000) x 100

(1/48 - 1/40)/(1/40) x 100

(5/240 - 6/240)/(1/40) x 100

-1/240 x 40 x 100 = -1/6 x 100 = -16.67%, which is approximately a 17% decrease.

Answer: D

Scott Woodbury-Stewart
Founder and CEO
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