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For the first quarter of 1980, the profits of a certain food-market ch

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GeminiHeat

GRE Prep Club Team Member

Joined: 20 Feb 2017

Posts: 2374

GPA: 3.39

For the first quarter of 1980, the profits of a certain food-market ch [#permalink]

23 Dec 2022, 09:14

Expert Reply

00:00

Question Stats:

80% (01:40) correct

20% (00:25) wrong

based on 5 sessions

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For the first quarter of 1980, the profits of a certain food-market chain amounted to $49,350,000. If this figure is 5 percent higher than the profits for the first quarter of 1979, what was the amount of the increase?

A. $350,000
B. $2,350,000
C. $2,467,500
D. $4,688,250
E. $4,700,000

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Carcass

Verbal Expert

Joined: 18 Apr 2015

Posts: 25502

Re: For the first quarter of 1980, the profits of a certain food-market ch [#permalink]

27 Dec 2022, 01:18

Expert Reply

Let the amount in 1979 be X
Then,

49350000= X(105/100)

X= (49350000 x 20) / 21

Instead of solving this keep going,

Difference between the two amounts=

(49350000 ) - ((49350000 x 20) / 21)

= ((49350000 x 21) / 21)) - ((49350000 x 20) / 21)

Take 4935000 in common which gives you

= (49350000 (21-20)) / 21)

= (49350000 x 1) / 21

As you can see the division is quite simple.

Ans: 2350000 (B)
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