Find all School-related info fast with the new School-Specific MBA Forum

It is currently 28 Aug 2015, 16:56
GMAT Club Tests

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

An acution house charges a commission of 15 percent on the

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
Intern
Intern
avatar
Joined: 08 Jan 2007
Posts: 42
Followers: 1

Kudos [?]: 1 [0], given: 0

An acution house charges a commission of 15 percent on the [#permalink] New post 25 Feb 2007, 12:01
00:00
A
B
C
D
E

Difficulty:

(N/A)

Question Stats:

0% (00:00) correct 0% (00:00) wrong based on 0 sessions
This topic is locked. If you want to discuss this question please re-post it in the respective forum.

An acution house charges a commission of 15 percent on the first $50000 of the sale price, plus 10 percent on the amount of the sale price in excess of $50000. What was the sale price of a painting for which the auction house charged a total commission of $24000?[/list]
Director
Director
User avatar
Joined: 05 Feb 2006
Posts: 899
Followers: 1

Kudos [?]: 59 [0], given: 0

 [#permalink] New post 25 Feb 2007, 13:33
I assume you made a mistake by not adding a zero to the total commision charged :)

x- is the sale price

75000+0.10(x-500000)=240000
Intern
Intern
avatar
Joined: 16 Feb 2007
Posts: 8
Followers: 0

Kudos [?]: 0 [0], given: 0

 [#permalink] New post 25 Feb 2007, 13:48
SimaQ wrote:
I assume you made a mistake by not adding a zero to the total commision charged :)

x- is the sale price

75000+0.10(x-500000)=240000



Not necessarily:

Total commission was $24,000

If the price of the painting was $215,000 we get $24,000 in commissions by:

15% of $50,000 = $7,500
10% of $165,000=$16,500
Total Price $215,000
Total Commission $24,000
Director
Director
User avatar
Joined: 05 Feb 2006
Posts: 899
Followers: 1

Kudos [?]: 59 [0], given: 0

 [#permalink] New post 25 Feb 2007, 13:49
oh boy, read 500 000 not 50 000 :)

Yes my mistake, i should be sleeping right know :)
Intern
Intern
avatar
Joined: 16 Feb 2007
Posts: 8
Followers: 0

Kudos [?]: 0 [0], given: 0

 [#permalink] New post 25 Feb 2007, 13:52
SimaQ wrote:
oh boy, read 500 000 not 50 000 :)

Yes my mistake, i should be sleeping right know :)



Success!!! High Five :wink:
Director
Director
User avatar
Joined: 05 Feb 2006
Posts: 899
Followers: 1

Kudos [?]: 59 [0], given: 0

 [#permalink] New post 25 Feb 2007, 13:55
MeloNyC wrote:
SimaQ wrote:
oh boy, read 500 000 not 50 000 :)

Yes my mistake, i should be sleeping right know :)



Success!!! High Five :wink:


i like :)

In my country they would go crazy about this one, not so much about that one :)
Intern
Intern
avatar
Joined: 16 Feb 2007
Posts: 8
Followers: 0

Kudos [?]: 0 [0], given: 0

 [#permalink] New post 25 Feb 2007, 14:10
SimaQ wrote:
MeloNyC wrote:
SimaQ wrote:
oh boy, read 500 000 not 50 000 :)

Yes my mistake, i should be sleeping right know :)



Success!!! High Five :wink:


i like :)

In my country they would go crazy about this one, not so much about that one :)


Yep, they would probably stone you or something. :(
Director
Director
User avatar
Joined: 05 Feb 2006
Posts: 899
Followers: 1

Kudos [?]: 59 [0], given: 0

 [#permalink] New post 25 Feb 2007, 14:13
MeloNyC wrote:
SimaQ wrote:
MeloNyC wrote:
SimaQ wrote:
oh boy, read 500 000 not 50 000 :)

Yes my mistake, i should be sleeping right know :)



Success!!! High Five :wink:


i like :)

In my country they would go crazy about this one, not so much about that one :)


Yep, they would probably stone you or something. :(


I will be execute :)
  [#permalink] 25 Feb 2007, 14:13
Display posts from previous: Sort by

An acution house charges a commission of 15 percent on the

  Question banks Downloads My Bookmarks Reviews Important topics  


cron

GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.