Hi fourteenstix,
Brent's answer gives the clearest math explanation, but both explanations will get you to the correct answer. One of the ways to KNOW that you don't have to do an exact calculation is by the wording of the answer choices. In this case, since each is a "range" of values, the question itself is clue-ing you in that you don't need to do a ton of math to get the correct answer. In other questions, the word "approximate" is a clue to "round off" or estimate your math. Be on the lookout for these clues and you'll find it easier to get around the initial "shock" of what you're looking at and get to the correct answer.
GMAT assassins aren't born, they're made,
Rich