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A furniture dealer purchased a desk for $150 and then set

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Joined: 15 Jul 2012
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GMAT Date: 10-25-2012
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A furniture dealer purchased a desk for $150 and then set [#permalink] New post 26 Jul 2012, 09:53
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Difficulty:

  5% (low)

Question Stats:

76% (01:35) correct 24% (00:39) wrong based on 89 sessions
A furniture dealer purchased a desk for $150 and then set the selling price equal to purchasing price plus a markup that was 40% of selling price. If the dealer sold the desk at selling price, what was the amount of the dealer's gross profit from the purchase and the sale of the desk?

A. $40
B. $60
C. $80
D. $90
E. $100
[Reveal] Spoiler: OA

_________________

get what u like or like what u get


Last edited by Bunuel on 26 Jul 2012, 22:26, edited 1 time in total.
Edited the question.
Expert Post
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Re: Problem Solving [#permalink] New post 26 Jul 2012, 10:18
Expert's post
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Re: Problem Solving [#permalink] New post 26 Jul 2012, 17:10
Here's how I did it mentally:
the markup is 40% of the total price, the cost of 150 is 60 percent of the cost
hence the markup is two thirds of 150 = 50*2 =100

That's probably more like a 600-700 question I think

Hope it helps
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GMAT ToolKit User
Re: A furniture dealer purchased a desk for $150 and then set [#permalink] New post 27 Jul 2012, 17:41
Selling Price = S

S = 150 + .40S

S = 250

Profit = 250 - 150 = 100
Re: A furniture dealer purchased a desk for $150 and then set   [#permalink] 27 Jul 2012, 17:41
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