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by smclean23 » Sun Jul 06, 2008 2:06 pm
The market value of a certain machine decreased by 30 percent of its purchase price each year. If the machine was purchased in 1982 for its market value of $8,000, what was its market value two years later?
(A) $8,000
(B) $5,600
(C) $3,200
(D) $2,400
(E) $800
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by sibbineni » Sun Jul 06, 2008 3:54 pm
Purcase price is 8000

30% of purchase price is 2400

market value after 2 years is 8000-2400-2400==>3200

So C is the answer
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by smclean23 » Sun Jul 06, 2008 4:25 pm
Thanks. I guess the only way for me to really know is to get inside of your mind but how did you know it was 2400 each year instead of 30% each year....I guess my question is what key word did you use to decipher between the two?
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by sibbineni » Sun Jul 06, 2008 6:39 pm
30 % of 8000==>30/100*8000==>2400
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by Stuart@KaplanGMAT » Sun Jul 06, 2008 6:46 pm
smclean23 wrote:Thanks. I guess the only way for me to really know is to get inside of your mind but how did you know it was 2400 each year instead of 30% each year....I guess my question is what key word did you use to decipher between the two?
The market value of a certain machine decreased by 30 percent of its purchase price each year.
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