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A jewelry dealer initially offered a bracelet for sale at an [#permalink]
08 Sep 2005, 00:48
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A jewelry dealer initially offered a bracelet for sale at an asking price that would give a profit to the dealer of 40 percent of the original cost. What was the original cost of the bracelet?
(1) After reducing this asking price by 10 percent, the jewelry dealer sold the bracelet at a profit of $403.
(2) The jewelry dealer sold the bracelet for $1,953.
Last edited by trulyblessed on 08 Sep 2005, 09:11, edited 1 time in total.
If the profit made at the eventual selling price was $403, from the question stem we know that, if X is the original cost, (403+X)(1.1)-X =0.4X. So we can solve for X easily, and statement 1 is sufficient.
Statement 2 only tells us the selling price. But we don't know what the original asking price was, so we have no way of determining the original cost. Insufficient.
I think that 2) is sufficient also.
We know the price = 1953
Price - cost = profit =>1953-cost = profit.
From the stem =>Profit/cost =40% =>1953-cost/cost = 0.4 => so we can find cost.
Where is my mistake?
your mistake is assuming initial asking price=final selling price...
its like when you goto a second hand car dealer, he asks your $xyz for the car, you offer $yxw....
Natalya Khimich wrote:
I think that 2) is sufficient also. We know the price = 1953 Price - cost = profit =>1953-cost = profit. From the stem =>Profit/cost =40% =>1953-cost/cost = 0.4 => so we can find cost. Where is my mistake?
But how can you set the profit of 40% of the original cost (initial asking price) equal to the profit after reducing the asking price by 10%? Wouldn't the profit change? This is the approach I took:
A = asking price
C = original cost
.40C = A - C
403 = (A - .10A) - C
Solve for C. What do you ya'll think?
coffeeloverfreak wrote:
If the profit made at the eventual selling price was $403, from the question stem we know that, if X is the original cost, (403+X)(1.1)-X =0.4X. So we can solve for X easily, and statement 1 is sufficient.
Statement 2 only tells us the selling price. But we don't know what the original asking price was, so we have no way of determining the original cost. Insufficient.
.9*(1.4*OC) = (OC) + 403...you can solve the eq'n for OC
(2) if the price at which the bracelet is sold is equal to the asking price, then it's simply
1953 / 1.4 = original cost
OA and source of the question? It seems like a couple of the math questions I've encountered on this forum are not as explicit as people would like and I'm interested to know if the source of the questions were the OG...
The question says the dealer offered to sell it at 40% profit. After working on A, we know it is sufficient. Now, the most important thing is to take A out of the mind. Consider B.
Q says he offered to sell at 40% profit. B says he sold it! Nothing happened in between (definitey not something like A). So it implies that he sold it 1.4*(actual price) = 1953.
I'm stuck between A and D. My initial thought was D, but looking at the wording it makes me want to say A.
OA and source of the question? It seems like a couple of the math questions I've encountered on this forum are not as explicit as people would like and I'm interested to know if the source of the questions were the OG...
Thankfully Im not the only one to be torn between A and D! Though I selected D and was quite shocked when it said the answer was A.
Im not sure of the original source. But I did this problem in an online Math test. _________________