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A retailer sold an appliance for $80. If the retailer's gros

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A retailer sold an appliance for $80. If the retailer's gros [#permalink] New post 04 Dec 2007, 22:28
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A
B
C
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  25% (medium)

Question Stats:

74% (02:11) correct 26% (00:56) wrong based on 54 sessions
A retailer sold an appliance for $80. If the retailer's gross profit on the appliance was 25 percent of the retailer's cost for the appliance, how many dollars was the retailer's gross profit?

A. $10
B. $16
C. $20
D. $24
E. $25
[Reveal] Spoiler: OA

Last edited by Bunuel on 03 Apr 2014, 08:37, edited 1 time in total.
Renamed the topic, edited the question, added the OA and moved to PS forum.
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Re: Gross Profit PLEASE HELP [#permalink] New post 04 Dec 2007, 22:32
goodglory wrote:
A retailer sold an appliance for $80. If the retailer's gross profit on the appliance was 25 percent of the retailer's cost for the appliance, how many dollars was the retailer's gross profit?

A. 10
B. 16
C. 20
D. 24
E. 25


B.

GP = Selling price - cost = 80-x
80-x = 1/4x
x = 64
GP = 80-64 = 16
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Re: Gross Profit PLEASE HELP [#permalink] New post 04 Dec 2007, 23:37
goodglory wrote:
A retailer sold an appliance for $80. If the retailer's gross profit on the appliance was 25 percent of the retailer's cost for the appliance, how many dollars was the retailer's gross profit?

1/5=.2, thus:
80*.2=16.0=B
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Re: Gross Profit PLEASE HELP [#permalink] New post 04 Dec 2007, 23:48
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goodglory wrote:
A retailer sold an appliance for $80. If the retailer's gross profit on the appliance was 25 percent of the retailer's cost for the appliance, how many dollars was the retailer's gross profit?

A. 10
B. 16
C. 20
D. 24
E. 25


Profit= Revenue - Cost. .25C= 80 -C 1.25C=80 so 5/4C=80

4/5*80=C --> 64 So 80-64= Profit.

B
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Re: A retailer sold an appliance for $80. If the retailer's [#permalink] New post 03 Apr 2014, 06:41
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Re: A retailer sold an appliance for $80. If the retailer's gros [#permalink] New post 03 Apr 2014, 12:48
Keep in mind the following Formula:
Profit= Selling Price- Cost

Cost=X
Selling Price= 80
Profit= 1/4(x) -->25% of the Cost

Now replace tha variables in the equation

1/4x = 80 - x
5/4x =80
x=64

The question ask for the profit so u just need to put tha value of x in the profit--> 1/4*(64) =16
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Re: A retailer sold an appliance for $80. If the retailer's gros [#permalink] New post 04 Apr 2014, 02:54
80 has 25% profit included

Lets say product was obtained for x

\frac{125x}{100} = 80

x = 64

Profit earned = 80-64 = 16

Answer = C
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Re: A retailer sold an appliance for $80. If the retailer's gros   [#permalink] 04 Apr 2014, 02:54
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