Hello,
Can anyone explain the resolution to the below problem:
Alice's take home pay last year was the same each month, and she saved the same fraction of her take-home pay each month. The total amount of money that she saved at the end of the year was 3 times the amount of that portion of her monthly take-home pay 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. ½
b. 1/3
c. ¼
d. 1/5
e. 1/6
Thanks.
PS question.
This topic has expert replies
- GMATGuruNY
- GMAT Instructor
- Posts: 15539
- Joined: Tue May 25, 2010 12:04 pm
- Location: New York, NY
- Thanked: 13060 times
- Followed by:1906 members
- GMAT Score:790
We can plug in the answers, which represent the fraction saved each month.pratyoosh wrote:Hello,
Can anyone explain the resolution to the below problem:
Alice's take home pay last year was the same each month, and she saved the same fraction of her take-home pay each month. The total amount of money that she saved at the end of the year was 3 times the amount of that portion of her monthly take-home pay 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. ½
b. 1/3
c. ¼
d. 1/5
e. 1/6
Thanks.
Plug in monthly pay = 60.
Answer choice C:
1/4 * 60 = 15 saved each month, 45 not saved.
12*15 = 180 total saved for the whole year.
(Total saved)/(monthly not saved) = 180/45 = 4. We need her to save less.
Answer choice D:
1/5 * 60 = 12 saved each month, 48 not saved.
12*12 = 144 total saved for the whole year.
(Total saved)/(monthly not saved) = 144/48 = 3. Success!
The correct answer is D.
Private tutor exclusively for the GMAT and GRE, with over 20 years of experience.
Followed here and elsewhere by over 1900 test-takers.
I have worked with students based in the US, Australia, Taiwan, China, Tajikistan, Kuwait, Saudi Arabia -- a long list of countries.
My students have been admitted to HBS, CBS, Tuck, Yale, Stern, Fuqua -- a long list of top programs.
As a tutor, I don't simply teach you how I would approach problems.
I unlock the best way for YOU to solve problems.
For more information, please email me (Mitch Hunt) at [email protected].
Student Review #1
Student Review #2
Student Review #3
Followed here and elsewhere by over 1900 test-takers.
I have worked with students based in the US, Australia, Taiwan, China, Tajikistan, Kuwait, Saudi Arabia -- a long list of countries.
My students have been admitted to HBS, CBS, Tuck, Yale, Stern, Fuqua -- a long list of top programs.
As a tutor, I don't simply teach you how I would approach problems.
I unlock the best way for YOU to solve problems.
For more information, please email me (Mitch Hunt) at [email protected].
Student Review #1
Student Review #2
Student Review #3
If the options had 4/5 as one of them, i would have blindly marked 4/5 as my answer..
However, 1/5 is the answer
Good Qn..
let P - Payment per month.
Savings = P-nP ; n- fraction
from the Qn ,
The total amount of money that she saved at the end of the year was 3 times the amount of that portion of her monthly take-home pay that she did not save.
12 * per month Savings = 3 ( amount that she did not save every month)
12* (P-nP) = 3 * P-[P-(P-nP)]
On solving we get n=4/5...( as soon as i got this, i searched for 4/5 in the options.., couldnt find it.. re-read the Qn and then solved it further)
Qn is "what fraction of her take-home pay did she save each month"
i.e Savings??? ---> P-nP= P-(4/5)P=P/5 --> Answer D
However, 1/5 is the answer
Good Qn..
let P - Payment per month.
Savings = P-nP ; n- fraction
from the Qn ,
The total amount of money that she saved at the end of the year was 3 times the amount of that portion of her monthly take-home pay that she did not save.
12 * per month Savings = 3 ( amount that she did not save every month)
12* (P-nP) = 3 * P-[P-(P-nP)]
On solving we get n=4/5...( as soon as i got this, i searched for 4/5 in the options.., couldnt find it.. re-read the Qn and then solved it further)
Qn is "what fraction of her take-home pay did she save each month"
i.e Savings??? ---> P-nP= P-(4/5)P=P/5 --> Answer D