Archive for February, 2008
Yesterday, we posted a 700+ level GMAT question. Below is the answer and explanation. How’d you do?
Answer: E
The best way to understand this question is by trying some numbers to see what it’s all about. We are told the following:
f(x) = 2a3b7c, for all x where x is a positive three digit integer abc. In order to understand this, let’s put in a three digit number: 526. In this case, a = 5, b = 2, and c = 6, so f(526) = 253276.
Now that we understand the nature of this problem, let’s answer the question. We are told that f(r)=16f(s). We have to understand that r and s are two different three digit numbers such that when r is put into this function, the answer comes out 16 times greater than when s is put into the function.
Since 16 = 24, the result of f(s) is multiplied by 24 to get the result of f(r). That means that f(r) = 242a3b7c, or 2(a+4)3b7c. If s is a three digit number abc, r must be a three digit number (a+4)bc. More directly, the hundreds digit of r must be 4 more than the hundreds digit of s, while the tens and units digit must be the same. For example, if s is 364, r would be 764.
Subtracting r – s will therefore always equal 400.
About our questions:
We make every effort to maintain the look, feel, and complexity of the real exam, while respecting all copyright laws and the policies of GMAC.
February 27th, 2008
Every Tuesday we post a 700+ level GMAT question here on our blog, and post the answer and explanation the following day. Do you have what it takes?
f(x) = 2a3b7c, for all x where x is a positive three digit integers abc. If f(r)=16f(s), what is the value of r – s?
A) 16
B) 32
C) 42
D) 237
E) 400
About our questions:
We make every effort to maintain the look, feel, and complexity of the real exam, while respecting all copyright laws and the policies of GMAC.
February 26th, 2008
America has been exporting jobs for years, now they are exporting business school degrees too. Well, not exactly. The New York Times reports in this article that the Anderson School of Business at UCLA, among other programs, has teamed up with a university in another country, in this case the National University of Singapore to offer students joint degrees from both institutions.
The concept is that globalization has created a niche for business leaders with international experience and intimate knowledge of how other countries function. It’s a symbiotic relationship for American and International students to learn in and about other countries.
“In our global access courses, we challenge teams, in a language that is not that of the United States, to drop an egg from two stories without breaking it,” said Andrew Policano, dean of the Merage School. “One must learn to innovate with other cultures.”
Judy Olian, dean of the Anderson School at U.C.L.A., agreed. “It is critical to learn other cultures,” she said. “We are taking entrepreneurial leaders to operate in Palestine and Israel, in India and China…That has not been thought of as the mission of business schools, but it is in the emerging world of today. If we did not do this, we could be accused of staring at our own navel.”
Other relationships include University of Southern California’s The Marshall School of Business and Jiao Tong University in Shanghai, the University of California, Irvine and Indian Institute of Technology, Peking University Beijing, and City University of Hong Kong.
February 25th, 2008
With talk of a recession and a declining job market, we continue with our series called “Wait It Out,” where we address many of the issues facing people thinking about business school in the current climate. Check back often as you contemplate your own business school choice!
In our previous post, we discussed some basic reasons for why people would want to go to school during a slow-down in the economy, particularly if they’ve been laid off. Jobs are tougher to find, and even if a job is out there, getting paid the salary you expect is still a tough thing to do. If you are carrying student loans from college or you’re not sure if you’re competitive enough in the market, b-school may be a good place to hide out, bolster your resume, and emerge ready to take on the world.
Of course, the downside to that thinking is that if you’re thinking it, chances are other people are thinking it, too. When the economy goes south, lots of people hide out in school, increasing competition for space in the country’s business schools.
What can you expect in 2008/2009? We took a look at previous economic downturns and to show that, yes, in fact, people will go back to school, in droves.
From these two tables it is pretty clear that more people take GMAT tests and send in applications when the economy goes south. And whether or not Mr. Bernanke defines this time as a recession, the signs of a downward economy are everywhere.
What’s the lesson from all this? Should you stay out of business school? The right way to answer that question is to decide if you are, in fact, ready for b-school. Does your resume show solid experience, and do you have a specific goal in mind for what to do with your MBA? Will you be contributing member to your class? Going to b-school should always be for the right personal reasons, and not because it feels like the right thing to do.
That said, if it is the right time for you, then there is no reason to shy away from it just because of increased competition. Applying for school forces you to evaluate yourself and your capabilities, and put pen to paper about who you are and what you want out of your career. Increased competition is an opportunity to look deeply into yourself and present the best picture of yourself to the admissions committees.
February 22nd, 2008
Yesterday, we posted a 700+ level GMAT question. Below is the answer and explanation. How’d you do?
Answer: E
You will need to do a lot of manipulating to understand this question, and use nearly every exponent rule in the book.
Your first inclination may be to solve for x, but you will quickly find that it’s not possible without a computer or calculator. So there must be something else to do.
Sometimes, it makes more sense to manipulate the question, and see if there are similarities. Starting with (2x+1)5, you can get:
(2x+1)5
= 25x+5
= 25x(25)
If we can find 25x then we’re good, because 25 is just 32.
Well, we don’t have 25x but we do have 210x. If you square root 210x the result is 25x. That means square rooting 144, which is 12.
So we end up with 12(25), or 3(22) (25) or 3(27)
About our questions:
We make every effort to maintain the look, feel, and complexity of the real exam, while respecting all copyright laws and the policies of GMAC.
February 20th, 2008
Every Tuesday we post a 700+ level GMAT question here on our blog, and post the answer and explanation the following day. Do you have what it takes?
If 210x = 144, what is the value of (2x+1)5?
A) 12
B) 60
C) 3(25)
D) 27
E) 3(27)
About our questions:
We make every effort to maintain the look, feel, and complexity of the real exam, while respecting all copyright laws and the policies of GMAC.
February 19th, 2008
Not all business schools are created equal. Therefore, your application to each program should not be equal. Completing one application and collecting references is tedious enough, tailoring the essays and compiling additional information may be exhausting. However, the stress and effort of customizing each application are worth it to end up the right program.
Your dream business school may really encourage letters of recommendation from academic professors even if you graduated a few years ago while your second choice would prefer hearing from someone who works with you on a daily basis. If you don’t make it in to your first choice, it would be a shame to lose out on your second choice because you did not get a more relevant reference letter.
Check the websites of schools to find out what the admissions office wants.
The entire application process is a drag. But as with the test, if you extend the effort and do it right the first time, you won’t have to do it again. Instead, you can spend your energy reading dense documents for class.
February 14th, 2008
Yesterday, we posted a 700+ level GMAT question. Below is the answer and explanation. One person got it right on the money. How’d you do?
Answer: D
There are actually several ways to figure this one out. We will do it algebraically:
The first p people sold 200 knives, so they sold 200p knives all together. As well, each of the p people found p more people to sell knives, each who sold 200 knives apiece. That means there are p2 people who sold 200 knives. The total number of knives sold can be written as: 200p + 200p2 = T.
Statement 1 tells us that the first p people sold 1/9 of the total. That means 200p = 1/9T. Now we have two equations with two variables. We can insert the second equation into the first: 1/9T + 1/9Tp = T. It looks like there are still two variables, but a with some quick manipulation, all the T’s cancel out. Solve for p, and p = 8.
Statement 2 tells us what the value of T is, so we can substitute that as well: 200p + 200p2 = 14,400. Solve for p and you will get p = 8.
If you want to learn another way to solve this problem, leave a comment and we’ll start a conversation about it.
About our questions:
We make every effort to maintain the look, feel, and complexity of the real exam, while respecting all copyright laws and the policies of GMAC.
February 13th, 2008
Every Tuesday we post a 700+ level GMAT question here on our blog, and post the answer and explanation the following day. Do you have what it takes?
Cutting Edge Knife Company enlisted p sales people to sell 200 knives each, and each salesperson enlisted p more people to sell 200 knives each. If no one sold more or less than 200 knives, what is the value of p?
1) The first p salespeople sold 1/9 of all the knives sold.
2) There were 14,400 knives sold in total.
A. Statement 1 alone is sufficient but statement 2 alone is not sufficient to answer the question asked.
B. Statement 2 alone is sufficient but statement 1 alone is not sufficient to answer the question asked.
C. Both statements 1 and 2 together are sufficient to answer the question but neither statement is sufficient alone.
D. Each statement alone is sufficient to answer the question.
E. Statements 1 and 2 are not sufficient to answer the question asked and additional data is needed to answer the statements.
About our questions:
We make every effort to maintain the look, feel, and complexity of the real exam, while respecting all copyright laws and the policies of GMAC.
February 12th, 2008
Of the many types of math questions that you may encounter on the GMAT, interest rates are one. There are two types of interest rate questions, and it is important to note the difference.
The first one is simple interest, meaning that you do not earn interest on the interest. Let’s say you have $100 dollars in a CD and you are earning 5% every month. (Clearly, this is a hypothetical situation.) In a non-compounding situation, you would receive a check for $5 every month.
If your interest was compounded (the second type of question), your $5 interest payment would be added to the balance. The next month, you would earn 5% on $105, or $5.25. The following month, you would earn interest on $110.25, and so on.
So how do you solve these problems? The formula for simple interest is, not surprisingly, easier:
Interest = interest rate * principle * time
Principle is the amount of money you start with. Think of the time variable as the number of times that the interest is paid out. And, remember that interest rate must be in decimals. So if interest is paid monthly and the question asks for the interest gain over two years, t=24. If the interest is paid annually, t=2. Now, this formula yields the answer for how much interest is earned, not the total amount money in the bank. To figure that out when simple interest is at play, simply add the interest earned to the principle.
Compounded interest is more complicated. To calculate the amount in the bank, we can use the following formula:
Future Amount = Principle * (1 + interest rate)number of payment periods
Of course, you may be asking yourself how you’re supposed to calculate such large exponents. If you had a problem that said there was $1,000 principle, and a 6% annual compounded interest rate paid over 15 years, it would take you forever to calculate that out by hand (no calculator, remember?)! Never fear – the GMAT will never ask you to do that. In fact, if you encounter a problem like this, expect the answers to be given in terms of the formula:
A) 1000(.06)
B) 1000(.06)15
C) 1000(1.06)
D) 1000(1.06)15
E) $15,000
The answer here would be D, and you’d have it by just understanding the concept and a bit about the formula.
To be sure, compound interest problems are much more prevalent on the GMAT. No surprise, since the world of business uses compound interest every single day. In fact, learning compound interest won’t just help you on the GMAT, but you’ll rock your finance class as well!
To get up to speed quickly, spend some of your study time calculating the simple and compounded interest with the same set of numbers. You will see the discrepancy between the two and get a better understanding of this important topic.
February 11th, 2008
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