BREAKING: Target Test Prep releases Brand New 2026 On Demand GMAT prep course

Redeem

A store reported (OG2016)

This topic has expert replies
Post new topic Post Reply
Previous Topic Next Topic
Senior | Next Rank: 100 Posts
Posts: 93
Joined: Mon Apr 25, 2016 2:22 pm
Thanked: 1 times
Followed by:1 members

A store reported (OG2016)

by boomgoesthegmat » Fri May 06, 2016 12:35 pm

Timer

00:00

Your Answer

A

B

C

D

E

Global Stats

A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales?

A) 2%
B) 17%
C) 20%
D) 65%
E) 83%

OA: C
Top
Source: — Problem Solving |

GMAT/MBA Expert

User avatar
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 » Sat May 07, 2016 6:48 am
boomgoesthegmat wrote:A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales?

A) 2%
B) 17%
C) 20%
D) 65%
E) 83%
Percent increase = 100(new - old)/old
So: Percent increase = 100(385 - 320)/(320)
= 100(65)/320
= 6500/320
= 650/32
≈ 20%
Answer: C

RELATED VIDEO
- Percent increases and decreases: https://www.gmatprepnow.com/module/gmat ... video/1078

Cheers,
Brent
Brent Hanneson - Creator of GMATPrepNow.com
Image
Top
GMAT Instructor
Posts: 2630
Joined: Wed Sep 12, 2012 3:32 pm
Location: East Bay all the way
Thanked: 625 times
Followed by:119 members
GMAT Score:780

by Matt@VeritasPrep » Thu May 12, 2016 12:39 am
% change = 100 * (New - Old)/Old

= 100 * (385 - 320)/320

= 100 * 65/320

= 6500/320

≈ 6400 / 320

≈ 20
Top
User avatar
GMAT Instructor
Posts: 1462
Joined: Thu Apr 09, 2015 9:34 am
Location: New York, NY
Thanked: 39 times
Followed by:22 members

by Jeff@TargetTestPrep » Mon Apr 09, 2018 3:44 pm
boomgoesthegmat wrote:A store reported total sales of $385 million for February of this year. If the total sales for the same month last year was $320 million, approximately what was the percent increase in sales?

A) 2%
B) 17%
C) 20%
D) 65%
E) 83%
We can solve this problem by using the percent change formula:

(New Value - Old Value)/Old Value x 100

We are given:

February sales this year = 385 million = new

February sales last year = 320 million = old


Percent change = (New Value - Old Value)/Old Value x 100

Percent change = [(385 - 320)/320] x 100

Percent change = 65/320 x 100

Percent change = 13/64 x 100 ≈ 13/65 x 100 = 1/5 x 100 = 20%

Answer: B

Jeffrey Miller
Head of GMAT Instruction
[email protected]

Image

See why Target Test Prep is rated 5 out of 5 stars on BEAT the GMAT. Read our reviews
Top

GMAT/MBA Expert

User avatar
Elite Legendary Member
Posts: 10392
Joined: Sun Jun 23, 2013 6:38 pm
Location: Palo Alto, CA
Thanked: 2867 times
Followed by:511 members
GMAT Score:800

by [email protected] » Mon Jun 18, 2018 7:39 pm
Hi All,

We're told that a store reported total sales of $385 million for February of this year and the total sales for the same month last year was $320 million. We're asked for the approximate percent increase in sales. This question can be solved in a couple of different ways, including with a mix of 'brute force' and TESTing THE ANSWERS.

Since the 5 answers are specific percentages, one of them must be the approximate percent increase. A couple of them are relative easy to TEST.

1% of $320 million = $3.2 million so....
2% of $320 million = $6.4 million
The difference between $385 million and $320 million is $65 million though, so $6.4 million is about 1/10 of what we need it to be. This points us to the correct answer though....

10% of $320 million = $32 million so....
20% of $320 million = $64 million
That $64 million is almost exactly what we're looking for. The exact percentage would obviously be a little bit MORE than 20%, but Answer C is the only one that's 'close', so this must be the answer.

Final Answer: C

GMAT assassins aren't born, they're made,
Rich
Contact Rich at [email protected]
Image
Top
Legendary Member
Posts: 2499
Joined: Sun Oct 29, 2017 2:04 pm
Followed by:6 members

by swerve » Tue Jun 19, 2018 2:23 pm
$$\%\ increase=\frac{\left(Final-Original\right)}{Original}\cdot100$$

Substituting the values here,
$$\frac{\left(385-320\right)}{320}\cdot100=\left(\frac{65}{320}\right)\cdot100\approx20\%$$
Option C.

Regards!
Top
Post new topic Post Reply
• Page 1 of 1