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A car dealership sold two cars: the first car at a 10%

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Status: Preparing for the 4th time -:(
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Concentration: International Business, Strategy
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A car dealership sold two cars: the first car at a 10% [#permalink] New post 17 Mar 2012, 03:18
00:00
A
B
C
D
E

Difficulty:

  5% (low)

Question Stats:

72% (01:58) correct 27% (03:14) wrong based on 11 sessions
A car dealership sold two cars: the first car at a 10% profit and the second car at a 10% loss, which gave them an overall profit margin of 5% from these two sales. If the dealership's total profit was $1000, what was the sale price of each car?

A) $5,000 and $1,000
B) $9,000 and $5,000
C) $11,000 and $9,000
D) $15,000 and $5,000
E) $20,000 and $10,000

Again - I struggle to solve this question using back-solving as described in gmatclub test m03. Any idea how to do it algebraically?

I tried doing it this way but got stuck:

Let say Cost Price of 1st car = x & Cost Price of 2nd car = y

SP of 1st car = 1.1x -----------------------------------------(1)

SP of 2nd car = 0.9 y ----------------------------------------(2)

Profit = S.P - C.P

I can use

(1.1. x - x ) + (0.9y -y) -----------> But this is not possible. Please help.
[Reveal] Spoiler: OA

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Re: A car dealership sold two cars: the first car at a 10% [#permalink] New post 17 Mar 2012, 03:33
Expert's post
enigma123 wrote:
A car dealership sold two cars: the first car at a 10% profit and the second car at a 10% loss, which gave them an overall profit margin of 5% from these two sales. If the dealership's total profit was $1000, what was the sale price of each car?

A) $5,000 and $1,000
B) $9,000 and $5,000
C) $11,000 and $9,000
D) $15,000 and $5,000
E) $20,000 and $10,000

Again - I struggle to solve this question using back-solving as described in gmatclub test m03. Any idea how to do it algebraically?

I tried doing it this way but got stuck:

Let say Cost Price of 1st car = x & Cost Price of 2nd car = y

SP of 1st car = 1.1x -----------------------------------------(1)

SP of 2nd car = 0.9 y ----------------------------------------(2)

Profit = S.P - C.P

I can use

(1.1. x - x ) + (0.9y -y) -----------> But this is not possible. Please help.


This question is discussed here: a-car-dealership-sold-two-cars-the-first-car-at-a-100287.html#p773703

Notice that the question needs a revision (read Ian's and my posts about it).
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Re: A car dealership sold two cars: the first car at a 10%   [#permalink] 17 Mar 2012, 03:33
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