This is the Manhattan GMAT explanation:
The question stem tells us that there were 5 beneficiaries and that no beneficiary received more than $300,000. We are asked to determine the greatest amount received by any of the beneficiaries.
(1) INSUFFICIENT: There are many possible scenarios. For example, it's possible that one beneficiary received $250,000, three beneficiaries received 80% of that amount or $200,000 each, and the fifth beneficiary received the balance of $150,000. In this scenario the greatest amount awarded is $250,000. Alternatively, it is possible that one beneficiary received $225,000, three beneficiaries received 80% of that amount or $180,000, and the fifth beneficiary received the balance of $235,000. In this scenario the greatest amount awarded is $235,000.
(2) INSUFFICIENT: This provides a range for the dollar amount received by each beneficiary from $100,000 to $300,000 (10% to 30%) but does not provide any way to determine the greatest amount received by any of the beneficiaries.
(1) AND (2) INSUFFICIENT: Both statements together still allow for multiple scenarios. The two scenarios outlined in the discussion of statement (1) still hold even when adding the information in statement (2). Since there is still more than one possible value for the greatest amount received by any beneficiary, both statements together are not sufficient.
The correct answer is E.
The question stem tells us that there were 5 beneficiaries and that no beneficiary received more than $300,000. We are asked to determine the greatest amount received by any of the beneficiaries.
(1) INSUFFICIENT: There are many possible scenarios. For example, it's possible that one beneficiary received $250,000, three beneficiaries received 80% of that amount or $200,000 each, and the fifth beneficiary received the balance of $150,000. In this scenario the greatest amount awarded is $250,000. Alternatively, it is possible that one beneficiary received $225,000, three beneficiaries received 80% of that amount or $180,000, and the fifth beneficiary received the balance of $235,000. In this scenario the greatest amount awarded is $235,000.
(2) INSUFFICIENT: This provides a range for the dollar amount received by each beneficiary from $100,000 to $300,000 (10% to 30%) but does not provide any way to determine the greatest amount received by any of the beneficiaries.
(1) AND (2) INSUFFICIENT: Both statements together still allow for multiple scenarios. The two scenarios outlined in the discussion of statement (1) still hold even when adding the information in statement (2). Since there is still more than one possible value for the greatest amount received by any beneficiary, both statements together are not sufficient.
The correct answer is E.