Hi, I have a problem with this question from full quant quiz #1, question 20.
I did watch Greg’s explanation but it was not thorough. Can anyone explain how to solve this question? Not to get the answer but how to approach this problem.
The question is says that get the maximum money one person can get out of remaining 11 people given at-least everyone should have \$10,000
Thus, give the rest 11 people \$10,000
10,000 \times 11 =110,000
Now, the budget is \$300,000 thus, subtract the min. amount
300,000 - 110,000 =190,000
Hence, \$190,000 is the max amount one can get but we don’t have that as an option thus, select the next greatest amount given in the choices which is E ) 100,000
OR
Use answer choices:
Start with maximum choice you’re given because the question is asking for maximum amount.
Give the rest 11 people \$10,000
10,000 \times 11 =110,000
^This, step is critical because we need to satisfy this condition in all cases!
Now, if you have $100,000 then the remaining 11 people will have 300,000-100,000 = 200,000
Now, check for the condition 200,000-110,000 = 90,000
Thus, the max amount one of the remaining people can make while still satisfying the condition given is $10,000 + 90,000 = 100,000 . Hence, if you go above 100,000 , you’ll be ensuring that you’ve the greatest amount!
Thank you very much!
the problem was i misunderstood the question. Your solution made me clear about the “ensure” thing.