What was the total amount of money Eben and Emily invested

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Gmat_mission: Legendary Member; Posts: 1622; Joined: Thu Mar 01, 2018 7:22 am; Followed by:2 members

What was the total amount of money Eben and Emily invested

by Gmat_mission » Mon Jun 11, 2018 1:58 am

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What was the total amount of money Eben and Emily invested to start their chocolate shop?

(1) Eben contributed 60 percent of the amount.

(2) Emily contributed $20,000.

[spoiler]OA=C[/spoiler]

I don't know how to use both statements together to get an answer. Could anyone show me how to solve this DS question? Thanks in advance.

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Source: Beat The GMAT — Data Sufficiency | Mon Jun 11, 2018 1:58 am

GMAT/MBA Expert

Jay@ManhattanReview: GMAT Instructor; Posts: 3008; Joined: Mon Aug 22, 2016 6:19 am; Location: Grand Central / New York; Thanked: 470 times; Followed by:34 members

by Jay@ManhattanReview » Wed Jun 13, 2018 12:59 am

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Gmat_mission wrote:What was the total amount of money Eben and Emily invested to start their chocolate shop?

(1) Eben contributed 60 percent of the amount.

(2) Emily contributed $20,000.

[spoiler]OA=C[/spoiler]

I don't know how to use both statements together to get an answer. Could anyone show me how to solve this DS question? Thanks in advance.

We have to determine the total amount of money Eben and Emily invested to start their chocolate shop.

Let's take each statement one by one.

(1) Eben contributed 60 percent of the amount.

=> Emily invested 100 - 60 = 40 percent of the amount. However, we do not have information on the total amount of money. Insufficient.

(2) Emily contributed $20,000.

We do not have information on the amount of money invested by Eben. Insufficient.

(1) and (2) together

From I, we know that 40 percent of the amount = 20,000

=> Total amount invest by both = 20000/40% = $50,000. Sufficient.

The correct answer: C

Hope this helps!

-Jay
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Jeff@TargetTestPrep: GMAT Instructor; Posts: 1462; Joined: Thu Apr 09, 2015 9:34 am; Location: New York, NY; Thanked: 39 times; Followed by:22 members

by Jeff@TargetTestPrep » Sun Jun 17, 2018 7:15 pm

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Gmat_mission wrote:What was the total amount of money Eben and Emily invested to start their chocolate shop?

(1) Eben contributed 60 percent of the amount.

(2) Emily contributed $20,000.

Statement One Alone:

Eben contributed 60 percent of the amount.

This means Emily contributed 40 percent of the amount. However, we can't determine the total amount invested since we don't know the actual amount invested by either person.

Statement one alone is not sufficient.

Statement Two Alone:

Emily contributed $20,000.

Since we don't know anything about the amount of money Eben invested, we can't determine the total amount invested.

Statement two alone is not sufficient.

Statements One and Two Together:

Since Emily contributed $20,000, which is 40% of the total amount invested. The total amount invested is 20,000/0.4 = 200,000/4 = $50,000.

Answer: C

Jeffrey Miller
Head of GMAT Instruction
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