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GMAT prep Question...plz help

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GMAT prep Question...plz help

by gmat_dest » Fri May 08, 2009 10:25 am
Alice’s take home pay was the same each month and she saved the same fraction each month. The total amount she saved at the end of the year was 3 times the amount of that portion of her monthly take home that she did not save. If all the money that she saved last year was from her take home pay, what fraction of her take home pay did she save each month.
a. 1⁄2
b. 1⁄3
c. 1⁄4
d. 1⁄5
e. 1⁄6
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by DeepakR » Fri May 08, 2009 10:38 am
Monthly Income = $x
Monthly savings = $y
For 1 year savings = $12y

Given that 12y=3*(amount of monthly income she didn't save)

Amount of monthly income not saved = $x - $y

Hence, 12y=3 * (x-y) so 4y=x-y; Thus y=x/5

Ans.)1/5

-Deepak
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