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An auto dealership sold the first car with a 10% profit and [#permalink]
10 Apr 2008, 20:52

An auto dealership sold the first car with a 10% profit and the second car with a 10% loss, which gave it an overall profit of 5% from these sales. How much were the cars sold for if the dealership profit was $1000?

A $11,000 and $9,000 B $15,000 and $5,000 C $9,450 and $10,550 D $11,550 and $8,450 E $10,000 and $10,000

Re: auto dealership [#permalink]
10 Apr 2008, 21:22

kyatin wrote:

An auto dealership sold the first car with a 10% profit and the second car with a 10% loss, which gave it an overall profit of 5% from these sales. How much were the cars sold for if the dealership profit was $1000?

A $11,000 and $9,000 B $15,000 and $5,000 C $9,450 and $10,550 D $11,550 and $8,450 E $10,000 and $10,000

Can you folks try this. Read question carefully.

0.10x - 0.10y = 1000 ..............i 0.05 (x + y) = 1000 ............. ii 0.20x = 3000 x = 3000/0.20 = 15000 y = 5000

Re: auto dealership [#permalink]
10 Apr 2008, 23:24

GMAT TIGER wrote:

kyatin wrote:

An auto dealership sold the first car with a 10% profit and the second car with a 10% loss, which gave it an overall profit of 5% from these sales. How much were the cars sold for if the dealership profit was $1000?

A $11,000 and $9,000 B $15,000 and $5,000 C $9,450 and $10,550 D $11,550 and $8,450 E $10,000 and $10,000

Can you folks try this. Read question carefully.

0.10x - 0.10y = 1000 ..............i 0.05 (x + y) = 1000 ............. ii 0.20x = 3000 x = 3000/0.20 = 15000 y = 5000

B.

GMATTIGER,

I was getting bit confused with terminologies here.....in my mind....% profit or loss is always based on Purchase price....but in this question it seems to be based on Selling price. ('Sold with 10% loss')

So 15000 is selling price that includes 10% profit indicating purchase price was 13,500 and 1,500 is profit.

Same token 5,000 is selling price of second car and 10% is loss off Selling price...so actual purchase price is 5,500

I guess we can easily twist this type of quesiton.

Let me know if you have any other insight...or did I just read too much into the problem.

Re: auto dealership [#permalink]
11 Apr 2008, 16:56

kyatin wrote:

GMAT TIGER wrote:

kyatin wrote:

An auto dealership sold the first car with a 10% profit and the second car with a 10% loss, which gave it an overall profit of 5% from these sales. How much were the cars sold for if the dealership profit was $1000?

A $11,000 and $9,000 B $15,000 and $5,000 C $9,450 and $10,550 D $11,550 and $8,450 E $10,000 and $10,000

Can you folks try this. Read question carefully.

0.10x - 0.10y = 1000 ..............i 0.05 (x + y) = 1000 ............. ii 0.20x = 3000 x = 3000/0.20 = 15000 y = 5000

B.

GMATTIGER,

I was getting bit confused with terminologies here.....in my mind....% profit or loss is always based on Purchase price....but in this question it seems to be based on Selling price. ('Sold with 10% loss')

So 15000 is selling price that includes 10% profit indicating purchase price was 13,500 and 1,500 is profit.

Same token 5,000 is selling price of second car and 10% is loss off Selling price...so actual purchase price is 5,500

I guess we can easily twist this type of quesiton.

Let me know if you have any other insight...or did I just read too much into the problem.