karthikpandian19 wrote:Beginning in Jan of last yr, Carl made deposits of 120$ into his account on the 15th of each month for several consecutive months and then made withdrawals of 50$ from the account on the 15th of each of the remaining months of last yr. There were no other transactions in the account last yr. If the closong balance of Carl's account for May of last yr was 2600$, what was the range of the monthly closing balances of Carl's account last year?
1. Last yr the closing balance of Carl's account for Apr was less than 2625$
2. Last yr the closing balance of Carl's account for Jun was less than 2675$
May = 2600.
At some point during the year, Carl stops making monthly deposits of 120 and starts making monthly withdrawals of 50.
To determine the range of the monthly balances, we need to know WHEN Carl started to make the withdrawals.
Question rephrased: In which month did Carl start to make the withdrawals?
Statement 1: Last year the closing balance of Carl's account
for April was less than $2,625.
If 50 was withdrawn in May, then April = 2600+50 = 2650.
Too much.
Thus, we know that a deposit of 120 was made in May, implying that 120 was deposited every month at least through May.
No information about when the withdrawals started.
INSUFFICIENT.
Statement 2: Last year the closing balance of Carl's account
for June was less than $2,675.
If 120 was deposited in June, then June = 2600+120 = 2720.
Too much.
Thus, we know that a withdrawal of 50 was made in June, implying that 50 was withdrawn every month June - December.
But we don't know when the withdrawals STARTED.
INSUFFICIENT.
Statements 1 and 2 combined:
Since 120 was deposited in May and 50 was withdrawn in June, the withdrawals started in June.
Using this information, we can determine the closing balance of every month and the range for the whole year.
SUFFICIENT.
The correct answer is
C.
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