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Difficult Math Question

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Difficult Math Question [#permalink] New post 01 Oct 2008, 18:37
Hey

Does anyone know how to solve this question? I'm having some trouble with it.

A Merchant purchased a jacket for $60.00 and then determined a selling price that equaled the purchase price of the jacket plus a markup that was 25% of the selling price. During a sale, the merchant discounted the selling price by 20% and sold the jacket. What was the merchant's gross profit on this sale?

a) $0
b) $3
c) $4
d) $12
e) $15

I've narrowed the answer down to a choice between b and c since the other answer choices seems impossible, but I still can't seem to figure out how to solve the problem.

Any help would be appreciated!

Cheers
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Re: Difficult Math Question [#permalink] New post 01 Oct 2008, 18:57
Ans C
Let us denote Selling Price by S
By first statement , S=60+0.25*S
Thus S=80
But after discount of 20%,final selling Price is 64
Thus Gross profit is Final Selling Price-Purchase Price
=64-6=4

plinny wrote:
Hey

Does anyone know how to solve this question? I'm having some trouble with it.

A Merchant purchased a jacket for $60.00 and then determined a selling price that equaled the purchase price of the jacket plus a markup that was 25% of the selling price. During a sale, the merchant discounted the selling price by 20% and sold the jacket. What was the merchant's gross profit on this sale?

a) $0
b) $3
c) $4
d) $12
e) $15

I've narrowed the answer down to a choice between b and c since the other answer choices seems impossible, but I still can't seem to figure out how to solve the problem.

Any help would be appreciated!

Cheers
Intern
Intern
Joined: 01 Oct 2008
Posts: 2
Followers: 0

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

Re: Difficult Math Question [#permalink] New post 02 Oct 2008, 16:21
Great! Thanks for all the help!
Re: Difficult Math Question   [#permalink] 02 Oct 2008, 16:21
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