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A man cheats while buying as well as while selling. While [#permalink]
01 Jul 2012, 21:02

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Difficulty:

55% (hard)

Question Stats:

59% (02:59) correct
41% (01:40) wrong based on 41 sessions

Responding to a pm:

A man cheats while buying as well as while selling. While buying he takes 10% more than what he pays for and while selling he gives 20% less than what he claims to. Find the profit percent, if he sells at 9.09% below the cost price of the claimed weight.

Options:

A. 19.81%

B. 20%

C. 37.5%

D. 25%

E. 37.5%

In weight questions, try to go one step at a time. Say the man buys 100 pounds for $100. But he cheats and takes 110 pounds. This means HIS cost price is $10/11 per pound. While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. So he sells at 10/11 * 100 = 1000/11 HIS cost price for 80 pounds = 10/11 * 80 = 800/11 HIS selling price for 80 pounds = 1000/11

There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11.

second approach seems to be easy after reading your blog post. i am still having a hard time while trying to understnad this line 'While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. ' _________________

kudos me if you like my post.

Attitude determine everything. all the best and God bless you.

second approach seems to be easy after reading your blog post. i am still having a hard time while trying to understnad this line 'While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. '

The man claims he is giving you 100 pounds i.e. selling you 100 pounds of product. He is supposedly giving a discount of 9.09% i.e. charging 1/11 less than the cost price of 100 pounds which is $100. So he is charging only 10/11 of $100 = $1000/11 from you for giving you "100 pounds". But actually, by cheating, he gave you only 80 pounds. So he charged you $1000/11 for 80 pounds. Think of a fruit vendor you go to to buy some peaches. He says the cost price of the peaches is $1 per pound. But he is willing to give you a discount of 9.09%. But instead of 100 pounds of peaches, he weighs only 80 pounds and gives you less. Though he charges you for 100 pounds. How much does he charge? 9.09% less than 100 pounds i.e. 1/11 less than 100 pounds i.e. 10/11 * 100 pounds = 1000/11

Re: A man cheats while buying as well as while selling. While [#permalink]
18 Jun 2014, 04:03

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Re: A man cheats while buying as well as while selling. While [#permalink]
24 Jul 2014, 10:18

VeritasPrepKarishma wrote:

There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11. (1 + m1%)(1 + m2%)(1 - d%) = (1 + p%) 11/10 * 5/4 * 10/11 = (1 + p%) profit % = 25%

Re: A man cheats while buying as well as while selling. While [#permalink]
24 Jul 2014, 19:53

1

This post received KUDOS

Expert's post

GGMAT760 wrote:

VeritasPrepKarishma wrote:

There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11. (1 + m1%)(1 + m2%)(1 - d%) = (1 + p%) 11/10 * 5/4 * 10/11 = (1 + p%) profit % = 25%

Re: A man cheats while buying as well as while selling. While [#permalink]
25 Jul 2014, 01:09

VeritasPrepKarishma wrote:

GGMAT760 wrote:

VeritasPrepKarishma wrote:

There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11. (1 + m1%)(1 + m2%)(1 - d%) = (1 + p%) 11/10 * 5/4 * 10/11 = (1 + p%) profit % = 25%