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GRE Prep Club Team Member
Joined: 20 Feb 2017
Posts: 2508
Given Kudos: 1053
GPA: 3.39
An apartment dweller pays $125 per quarter for theft insuran
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02 Jan 2020, 00:13
02 Jan 2020, 00:13
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An apartment dweller pays $125 per quarter for theft insurance. The policy will cover the loss of cash and valuables during the course of a year in excess of $350 by reimbursing 75% of the value of the loss above $350. During the course of a certain year, the apartment dweller suffers the theft of $1250 in cash — but no other losses — by theft. What is the difference between the combined amount paid in theft insurance and unreimbursed losses for that year, and the amount that would have been lost if the apartment dweller had not had any insurance?
(A) $125
(B) $175
(C) $225
(D) $350
(E) $675
(A) $125
(B) $175
(C) $225
(D) $350
(E) $675
Re: An apartment dweller pays $125 per quarter for theft insuran
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03 Jan 2020, 19:46
03 Jan 2020, 19:46
3
The dweller pays 125$ per quarter for theft insurance = 500$ for a year.
There was a theft of 1250$, so the reimbursed amount = \(\frac{3}{4} \times (1250 - 350) = \frac{3}{4} \times 900 = 675 \)
Theft insurance + unreimbursed losses = \(500 + (1250 - 675) = 500 + 575 = 1075\)
Amount lost if no insurance = 1250$
Difference between the two = \(1250 - 1075 = 175$\)
OA, B
There was a theft of 1250$, so the reimbursed amount = \(\frac{3}{4} \times (1250 - 350) = \frac{3}{4} \times 900 = 675 \)
Theft insurance + unreimbursed losses = \(500 + (1250 - 675) = 500 + 575 = 1075\)
Amount lost if no insurance = 1250$
Difference between the two = \(1250 - 1075 = 175$\)
OA, B
GeminiHeat wrote:
An apartment dweller pays $125 per quarter for theft insurance. The policy will cover the loss of cash and valuables during the course of a year in excess of $350 by reimbursing 75% of the value of the loss above $350. During the course of a certain year, the apartment dweller suffers the theft of $1250 in cash — but no other losses — by theft. What is the difference between the combined amount paid in theft insurance and unreimbursed losses for that year, and the amount that would have been lost if the apartment dweller had not had any insurance?
(A) $125
(B) $175
(C) $225
(D) $350
(E) $675
(A) $125
(B) $175
(C) $225
(D) $350
(E) $675
gmatclubot
Re: An apartment dweller pays $125 per quarter for theft insuran [#permalink]
03 Jan 2020, 19:46
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