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The selling price of a house was decreased by 12 percent to

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GMAT Club Legend
GMAT Club Legend
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Joined: 07 Jun 2014
Posts: 4749
GRE 1: Q167 V156
WE: Business Development (Energy and Utilities)
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The selling price of a house was decreased by 12 percent to [#permalink] New post 03 Apr 2017, 03:57
Expert's post
00:00

Question Stats:

94% (01:06) correct 5% (01:39) wrong based on 17 sessions
The selling price of a house was decreased by 12 percent to $220,000. What was the original selling price of the house?

A. $193,600
B. $196,429
C. $221,200
D. $246,400
E. $250,000

Drill 3
Question: 13
Page: 320
[Reveal] Spoiler: OA

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Sandy
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GMAT Club Legend
GMAT Club Legend
User avatar
Joined: 07 Jun 2014
Posts: 4749
GRE 1: Q167 V156
WE: Business Development (Energy and Utilities)
Followers: 93

Kudos [?]: 1650 [0], given: 396

CAT Tests
Re: The selling price of a house was decreased by 12 percent to [#permalink] New post 17 Apr 2017, 09:48
Expert's post
Explanation

Let x = original selling price of the house

The selling price of a house was decreased by 12 percent to $220,000
If the price is decreased by 12%, then the new price is 88% of the original price.
So, we can write: 88% of the original price = $220,000
Or we can write: 0.88x = 220,000

TWO OPTIONS FROM HERE

Approach #1:
0.88x = 220,000
So x = 220,000/0.88 = $250,000

Approach #2:
Recognize that 0.88 = 88/100 = 22/25
So, our equation can be rewritten as (22/25)x = 220,000
Multiply both sides by 25/22 to get: (25/22)(22/25)x = 220,000(25/22)
Evaluate: x = 250,000

Hence option E is correct!
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Re: The selling price of a house was decreased by 12 percent to [#permalink] New post 18 Apr 2017, 17:44
Expert's post
sandy wrote:
The selling price of a house was decreased by 12 percent to $220,000. What was the original selling price of the house?

A. $193,600
B. $196,429
C. $221,200
D. $246,400
E. $250,000


If the DECREASED PRICE is $220,000, then the ORIGINAL PRICE must be greater than $220,000
ELIMINATE A and B

Since answer choice C ($221,200) is so close to $220,000, we can probably ELIMINATE C as well.

This leaves D and E.
Since E ($250,000) is so nice to work with, let's TEST this answer choice
12% of $250,000 = $30,000
So, the price AFTER a 12% decrease = $250,000 - $30,000 = $220,000
Voila!

Answer:
[Reveal] Spoiler:
E


Cheers,
Brent
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Brent Hanneson – Creator of greenlighttestprep.com
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Re: The selling price of a house was decreased by 12 percent to   [#permalink] 18 Apr 2017, 17:44
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