Practice GMAT Problem Solving Question
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Peter's bank account has p dollars. John's bank account has 5 times what Peter's bank account has and 1/3 what Fred's bank account has. How much more is in Fred's bank account than is in Peter's bank account, in terms of p?
Correct Answer: B
- Assign letters to each man's bank account:
Peter = p.
John = j.
Fred = f.
- Now translate the sentences from the question into equations:
j = 5p "John's bank account has 5 times what Peter's bank account has"
j = (1/3)f "John's bank account has ... 1/3 what Fred's bank account has"
- Combine the two equations to yield:
5p = j = (1/3)f
5p = (1/3)f.
- Divide both sides by 1/3 (the same as multiplying by 3) to yield:
15p = f
Translated back into words, this means Fred has 15p dollars in his account.
- We are interested in the difference between the amount Fred has (15p) and the amount Peter has (p). Subtract p from 15p to yield 14p.
Fred - Peter =
15p - p = 14p
Thus, B is correct.
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