Simple interest and compound interest - essential topics for an MBA. GMAC thinks the same too. So you will find these questions randomly distributed in your GMAT Exam.
Simple interest is the most basic and is a function of P, the principle amount of money invested, the interest rate earned on the principle, i, and the amount of time the money is invested, t (this is usually stated in periods, such as years or months).
The resulting equation is:
Interest = iPt
In basic terms, the above equation tells us the amount of interest that would be earned on a principle amount invested (P), for a given time (t) at a given interest rate (i).
If you invested $1,000 (P = your principle) for one year (t = one year) at 6% simple interest (i = given interest rate), you would get $60 in interest at the end of the year and would have a total of $1,060.
For compound interest, you would earn slightly more. Let’s look at similar type problem, though this one involves compound interest.
GMAT Simple Interest and Compound Interest
Simple interest and compound interest - essential topics for an MBA. GMAC thinks the same too. So you will find these questions randomly distributed in your GMAT Exam.
GMAT Fractions - Don't get lost in the calculations
Have you wondered how writers can make a seemingly simple GMAT topic like fractions into time-consuming calculations. One strategy that GMAT test takers must adopt to simplify the calculations. For example
Dividing by 5 is the same as multiplying by 2/10. For example:
• 840/5 = ?
• 840/5 = 840*(2/10) = 84*2 = 168
Multiplying or dividing by 10’s and 2’s is generally easier than using 5’s. 90% of the time, fractions will be easier to perform arithmetic. Decimals are sometimes more useful when comparing numbers relative to one another, such as in a number line, but these questions are the exception. Even if given a decimal (or percent) looks easy, quickly convert to a fraction. Some common ones to memorize:
• 1/9 = 0.111 repeating
• 1/8 = 0.125
• 1/7 = ~0.14
• 1/6 = 0.166 repeating
• 1/5 = 0.20
• 1/4 = 0.25
• 1/3 = 0.333 repeating
• 1/2 = 0.5 repeating
Note: Multiples of these, such as 3/8 (0.375) are also important to remember, but can easily be derived by multiplying the original fraction (1/8 * 3 = 3/8 = 0.125 * 3 = 0.375)
Denominators are super important. A denominator of a reduced fraction with a multiple of 7 will not have a finite...
How can I raise my Verbal score?
There are many who might feel that, while quantitative questions are clear-cut and objective, verbal questions are shrouded in the ambiguity of language and that, as a result, achieving a high score on the verbal section is to some degree a matter of luck that is determined by the whims of the little evil verbal GMAT goblins.
This could not be farther from the truth. The language and communication skills that the GMAT tests are as straight-forward as any algebra problem. So let's look at how you can take control of your score on the verbal section.
As you probably already know, the GMAT is an adaptive exam. This means that whether you answer the question presented correctly determines the level of the next question. For example, say you are given a critical-reasoning question at a 600 level. If you answer the question correctly, the next question will be at approximately a 650 level. (These figures are not precise, for the exact calculations are not disclosed.) If you get the question wrong, however, the next question might be a 550-level question. ...
GMAT Sentence Correction Strategies - Spot Decision Points
As stated in GMAT SC - Use Logic, the pool of required grammar knowledge for the GMAT is likely shallower than you would think; those who memorize hundreds of idiomatic rules or read the cover off of their copy of Strunk & White’s “Elements of Style” are studying counter to the real purpose of the GMAT’s inclusion of Sentence Correction: the idea of “core competencies.” Corporate Strategy courses in business school will spend quite a bit of time on that notion that each business needs to recognize the handful of things it does extremely well and find opportunities to leverage that. When businesses stray from their core competencies they tend to struggle mightily, throwing away resources and providing diminishing returns with increased risk.
For example, McDonald’s has a set of core competencies that allow it to run extremely efficient fast-food operations in high-traffic areas. It’s natural, then, to acquire Chipotle and replicate the same processes with a different type of fast food...
Top 10 GMAT Verbal tips for Non-native speakers
Even if English isn’t your first language, you can still achieve an excellent score on the GMAT Verbal section. Here are a few tips to get you started!
1. Build your grammar skills first. You can ignore most of the challenging vocabulary on sentence corrections as long as you identify what part of speech each word is, and how it functions within the sentence. To do this, you’ll need to spend some time with a solid English grammar review book. I recommend pairing a heavy-duty review book, like the Oxford Guide or those published by McGraw-Hill or...
(GMAT 800)The function g(x) is defined for integers x such that if x
The function g(x) is defined for integers x such that if x is even, g(x) = x/2 and if x is odd, g(x) = x + 5. Given that g(g(g(g(g(x))))) = 19, how many possible values for x would satisfy this equation?
The easiest way to approach this problem is probably to work backwards, at least until we see a pattern.
With g(...) = 19, then we can consider which operation applied to (...). If it was x/2, then (...)= 38. 38 is even so that is fair. If it was x + 5, then (...) was 14. 14 is even, so that operation would not have been applied.
On paper, you could make a tree, with 19 as the root, and 38 as the first node.
Next consider 38. 38 could have come from 76/2 or 33 + 5. Two possibilities give us two nodes branching from 38:
19 -> 38 -> 76, 33.
We can now observe the pattern that with an odd number, it must have come from an even, but an even could come from either of two numbers.
Therefore our 76 will branch into 2 numbers, and the 33 into just one.
33 -> 66
76 -> 73, 152..
We can represent this as shown here:
How to study for the GMAT in Two Weeks?
Knewton: Let us start by saying "Try not to prepare for your GMAT in 2 Weeks". Two weeks is not enough time to master the topics or the test taking strategies (Read GMAT One Month Study Plan and GMAT Three Month Study Plan) But circumstances like a B-School Deadline might force you to cram for the test in two weeks. Follow this efficient GMAT Study Plan:
Day 1 – Diagnosis: Take a practice test. This will likely be your one and only assessment. If you score evenly on both sections, then you will need a more comprehensive study plan. If you ace verbal but bomb the quant, then you know to focus your attention there.
Days 2 to 4 – Prime the Pump: After you take an official practice test, spend the next few days going through as many practice problems as possible. If you have an Official Guide, make certain you read the explanations for all of the questions you answer incorrectly. Try to focus...
How to Draw Diagrams accurately for GMAT Geometry?
Drawing diagrams accurately in GMAT Geometry questions will allow you to capture the essential information from the Question. It’s not always easy. Here is a hands-on Experience for you: Draw the diagram as your read the question(below) and then go through the analysis.
Q) A circular table consists of a glass center surrounded by a metal ring of uniform width. If the metal ring has a width of 2 inches, and the glass center has a diameter of 4x inches, what fraction of the table’s surface is made up by the metal ring, in terms of x?
There’s no underhanded trick in this question, nor is there anything super complicated to incorporate into your diagram. But you should always be very mindful of the details of the question while drawing your diagram, since after you do so, you’re less likely to look at the information given in the problem. Indeed, it’s a waste of time to do so, since the information is presented much more usefully in your diagram! But this also means that if you make a mistake in the diagram, you may not correct it – and it’s very frustrating to get a problem wrong simply because your diagram was drawn incorrectly.
If it helps you to think figuratively, consider this metaphor I’ve *ahem*...
The Perfect Time to Start Your GMAT Preparation
If you’re planning to apply to a top MBA program this coming fall (or even if you’re just starting to think about it), this is the perfect time to start preparing for the GMAT. Why?
Because starting your preparation now will put you in position to take the GMAT by late July. If you get the score you are aiming for, then great. You can put the GMAT out of your mind and start planning the rest of your application. If not — and it is not unusual for an applicant to take the GMAT two or three times — then you still have plenty of time to prep some more and take the GMAT again, before you start pulling together your Round 1 business school applications in October.
When it is early in the calendar year and applicants ask us, “What can I do NOW to most help my MBA admissions chances in the fall?” we often say, “Start earlier! Give yourself more time than you think you’ll need, for everything — the GMAT, your essays, your letters of recommendation.” Sometimes they listen, and sometimes they don’t. But the ones who do listen always become advocates of the “Start early!” school of thought.
If you haven’t yet taken the GMAT and want help in maximizing your score, you are in luck. We have classes starting in dozens of cities worldwide this week, in all sorts of formats . You name it, we’ve got a...
Strengthen In GMAT Critical Reasoning
One common mistake that GMAT candidates make is that they don't stay close to the text provided in the passage.
Let’s look at an example:
Q) Company X has instituted an Employee Wellness Program that will provide employees with free access to smoking cessation programs, nutritional counseling, and personal training services at a local gym. Similar programs at other companies have been shown to improve workplace attendance and performance, and reduce the employer’s costs for employee health insurance. Thus, the Employee Wellness Program will be good for both the employees and the company.
If true, which of the following would best support the conclusion of the argument above?
a) Many employees take advantage of free nutritional counseling when it is offered by employers.
b) Smoking cessation programs are only effective for 20% of those smokers who use them.
c) Personal training services at a local gym will make it easier for employees to improve their cardiovascular health and reduce the incidence of serious illness.
d) Exercising without personal training services can often lead to injury due to incorrect use of weight-training equipment.
How to score well in GMAT Number properties?
GMAT Number properties may sound scary, but they just constitute elementary mathematical principles. You probably know most of these principles by memory; if not, you could easily execute a calculation to ascertain them. The best option, though, is to study these principles enough that they seem intuitive. The GMAT Quantitative section is all about saving time; making number theory second nature will definitely save you some valuable seconds.
1.Odds and Evens
Even + even = even (12+14=36)
Odd+ Odd = even (13+19=32)
Even + Odd = odd (8 + 11 = 19)
To more easily remember these, just think that a sum is only odd if you add an even and an odd.
Even x even = even (6 x 4 = 24)
Odd x odd = odd (5 x 3 = 15)
Even x odd = even (6 x 5= 30)
To more easily remember these, just think that a product is only odd if you multiply two odds.
If r is even and t is odd, which of the following is odd?
How to solve GMAT Critical Reasoning Inference question
You’re having lunch with your friend Jane, and you suggest getting hot fudge sundaes for dessert; Jane tells you that she doesn’t eat hot fudge sundaes. In real life, you could draw several valid inferences from this: she’s lactose intolerant, she has sensitive teeth and so can’t eat frozen desserts, she’s on a diet and trying to avoid sweets, or maybe she just doesn’t like ice cream or hot fudge.
In real life, those would all be acceptable inferences, because the real-world definition of infer is to do any of the following:
1. to derive by reasoning; conclude or judge from premises or evidence: e.g., They inferred his anger from his heated denial.
2. (of facts, circumstances, statements, etc.) to indicate or involve as a conclusion; lead to.
3. to guess; speculate; surmise.
4. to hint; imply; suggest.
“Infer” is, as you can see, a word with fairly flexible meaning. We most often use it in day-to-day life to mean “make an educated guess.” If your friend Jane says she doesn’t eat hot fudge sundaes, you apply your existing knowledge about the possible reasons someone could have for...
GMAT is famous for using your own momentum against you
Like a tae kwon do blackbelt or an icy road, the GMAT is perhaps most famous for its ability to use your own momentum against you. Few places is this as evident as on Critical Reasoning questions, in which the most common way to answer incorrectly is to allow your subconscious mind to lead you to a slightly-out-of-scope conclusion that the psychological warriors at GMAC have already anticipated you’d conclude. Accordingly, to perform well on Critical Reasoning questions it is, well, critical that you pay particular attention to the narrow scope of the conclusion. As an example, consider the question:
Poor physical fitness among children has become an epidemic among American children. In Europe, however, where schoolchildren participate in calisthenics and other athletic activities on a daily basis while at school, children are significantly more fit. Tests show that European students have superior strength and agility, and that they are significantly more likely than are American children to maintain a healthy lifestyle throughout their lives. Therefore, we must conclude that American children can become more...
How to handle nerves on GMAT test day?
Test day is no different than any other GMAT prep days. You have to be focused, prepared and give your best shot. But we are not robots, we are humans. So it is natural to feel a little bit anxious. But if you feel: cold sweats, night terrors, the shakes, and so on, then you are showing signs of acute anxiety. Knowing what to expect in the testing center will help you relieve some of the unnecessary anxiety. Here is Knewton's minute by minute breakdown of what to expect in the test center.
1. Arrive early, but don’t plan on studying at the testing center. 30 minutes before liftoff
Show up to the test center 30 minutes before the official time, as the GMAC suggests. Although this may mean waking up even earlier than expected, avoiding any feeling of being rushed is priceless. However, many testing centers don’t allow studying in the waiting room, so don’t plan on getting there early and reviewing notes. Use the time before the test to relax and focus on the task at hand.
2. Locker Room. 10 minutes before liftoff
After presenting your identification and test reservation, you may be given...
Ratios - Not just GMAT but useful for your post-MBA Journey
Ratio is a math concept that is vital in your post-MBA journey. It allows you to compare variables and provide a means to divide the variable with a common factor. “The ratio of boys to girls is seven to two” can be expressed as the proportion: B/G = 7/2. Do with this what you like: 7G = 2B or B = 7G/2, whatever. Forget the “:” with ratios.
GMAT writers love to provide ratios (which are multiplicative relationships) and then add an absolute component (addition/subtraction). Note that when you have a ratio like B/G = 7/2, we don’t actually know the number of girls and boys. There can be 14 boys and 4 girls, or 70 boys and 20 girls. Questions that insert absolute numbers should be taken with caution. For example:
At a certain restaurant, the ratio of the number of cooks to the number of waiters is 3 to 13. When 12 more waiters are hired, the ratio of the number of cooks to the number of waiters changes to 3 to 16. How many cooks does the restaurant have?
The key here is setting up the equation. Since we don’t know the initial scale of the number of cooks and waiters, we can express this scale by “x”.
C/W = 3x/13x.
Notice that whatever x is, the ratio will hold true. (x must be...
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