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shannonalex
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No idea how to address this problem
No idea how to address this problem
GMATPrep - Take Home pay problem
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No idea how to address this problem
Source: Beat The GMAT — Problem Solving |
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shannonalex
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I spent some more time searching and found the solution https://www.beatthegmat.com/word-problems-t270244.html
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Hi shannonalex,
We can solve this question with some algebra, but you have to be detailed with how you assign variables.
If...
X = the amount of money Alice EARNED per month
Y = the amount of money Alice SAVED per month
Y/X = the FRACTION of her paycheck she saved per month
then...
12Y = the amount of money Alice saved in ONE YEAR
Since the TOTAL amount saved = 3 times (what she DIDN'T save), we have this...
12Y = 3(X - Y)
Now, we can simplify:
12Y = 3X - 3Y
15Y = 3X
5Y = X
Y/X = 1/5
Final Answer: D
GMAT assassins aren't born, they're made,
Rich
We can solve this question with some algebra, but you have to be detailed with how you assign variables.
If...
X = the amount of money Alice EARNED per month
Y = the amount of money Alice SAVED per month
Y/X = the FRACTION of her paycheck she saved per month
then...
12Y = the amount of money Alice saved in ONE YEAR
Since the TOTAL amount saved = 3 times (what she DIDN'T save), we have this...
12Y = 3(X - Y)
Now, we can simplify:
12Y = 3X - 3Y
15Y = 3X
5Y = X
Y/X = 1/5
Final Answer: D
GMAT assassins aren't born, they're made,
Rich
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Brent@GMATPrepNow
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Let M = Alice's monthly take home payAlice'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 her take-home pay that she didn't save. If all money she saved lasr year was from her take-home pay, what fraction of her pay did she save each month?
a)1/2
b)1/3
c)1/4
d)1/5
e)1/6
Let f = the fraction we'll use to calculate monthly savings
The means that fM = the amount of $ Alice saves each month.
And this means that her annual savings = 12fM
Important: If f = the fraction used to calculate monthly savings, then 1-f = the fraction used to calculate amount not saved
The means that (1-f)M = the amount of $ Alice does not save each month.
Now we're ready to write an equation.
The total amount of money that she had 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.
We get: 12fM = 3(1-f)M
Now solve for f
Expand to get: 12fM = 3M - 3fM
Simplify: 15fM = 3M
Divide both sides by 15M to get: f = 3M/15M = [spoiler]1/5 = D[/spoiler]
Cheers,
Brent
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bubbliiiiiiii
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Let Alice's take home pay per month be 100 and amount she saved per month be x => Amount she did not save per month is 100-x.
Set up equation with given facts:
Annual savings = 3 times annual expenditure
12x=3(100-x)
Solve for x => x=20
Thus, D.
Set up equation with given facts:
Annual savings = 3 times annual expenditure
12x=3(100-x)
Solve for x => x=20
Thus, D.
Regards,
Pranay
Pranay
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Abhishek009
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I solved the problem by plugging in some values and it worked well , here is my approach...
Salary not saved by alice is $10 per month
Salary not saved by alice after 1year is $120
Salary saved after 1 year is 3*$10 => $30
Total salary of alice = Salary not saved (After 1 year) + Salary saved by alice (After 1 year)
Total Salary = $150 (120 + 30)
Fraction of Take home pay saved each month is = Salary saved after 1 year / Total salary of alice after 1 year
Fraction of Take home pay saved each month is = 30/150 =>1/5
Salary not saved by alice is $10 per month
Salary not saved by alice after 1year is $120
Salary saved after 1 year is 3*$10 => $30
Total salary of alice = Salary not saved (After 1 year) + Salary saved by alice (After 1 year)
Total Salary = $150 (120 + 30)
Fraction of Take home pay saved each month is = Salary saved after 1 year / Total salary of alice after 1 year
Fraction of Take home pay saved each month is = 30/150 =>1/5
Abhishek
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Let the amount saved each month = $1.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 her take-home pay that she didn't save. If all money she saved lasr year was from her take-home pay, what fraction of her pay did she save each month?
a)1/2
b)1/3
c)1/4
d)1/5
e)1/6
Total saved for the entire year = 12*1 = $12.
Since the total saved for the entire year -- $12 -- is 3 times the total not saved each month, the total not saved each month = 12/3 = $4.
Thus, the total monthly pay = (total saved each month) + (total not saved each month) = 1+4 = $5.
Resulting fraction:
(total monthly savings)/(total monthly pay) = 1/5.
The correct answer is D.
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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].
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nikhilgmat31
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statement is little ambiguous
Is it 3 times the monthly expenditure or annual expenditure
considering monthly expenditure
Monthly Take home Pay = P
Monthly Saving = S
Annual saving = 12 S
Annual Pay = 12 P
12S = 3 ( P - S)
15S = 3P
S = 1/5 P
Her saving is 1/5 of Pay.
Another ambiguous way of solving - considering 3 times yearly expenditure
Monthly Take home Pay = P
Monthly Saving = S
Annual saving = 12 S
Annual Pay = 12 P
12S = 3 ( 12P - 12S)
48 S = 36 P
S = 3/4 P
which is not given as option.
Is it 3 times the monthly expenditure or annual expenditure
considering monthly expenditure
Monthly Take home Pay = P
Monthly Saving = S
Annual saving = 12 S
Annual Pay = 12 P
12S = 3 ( P - S)
15S = 3P
S = 1/5 P
Her saving is 1/5 of Pay.
Another ambiguous way of solving - considering 3 times yearly expenditure
Monthly Take home Pay = P
Monthly Saving = S
Annual saving = 12 S
Annual Pay = 12 P
12S = 3 ( 12P - 12S)
48 S = 36 P
S = 3/4 P
which is not given as option.
