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Senior Manager
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I found this one tricky.. A jewelery dealer offered a [#permalink]
 22 Oct 2006, 16:48
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I found this one tricky..
A jewelery dealer offered a bracelet for sale at an asking price that would give profit to the dealer of 40% of the original cost. What was the original cost of the bracelet
1) After reducing this asking price by 10%, the jewelery dealer sold the bracelet at a profit of $ 403..
2) The jewelery dealer sold the bracelet for $1953
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SVP
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A jewelery dealer offered a bracelet for sale at an asking price that would give profit to the dealer of 40% of the original cost. What was the original cost of the bracelet
1) After reducing this asking price by 10%, the jewelery dealer sold the bracelet at a profit of $ 403..
2) The jewelery dealer sold the bracelet for $1953
ORIGINAL COST = X
ASKING PRICE = Y ( MIGHT = OR NOT TO SALES PRICE)
PROFIT = SALES PRICE ( IF EQUALL TO ASKING PRICE) -X = 0.4X IE : SALES PRICE ( ONLY IF EQUALL TO SALES PRICE) = 1.4 X
WHAT IS X
FROM ONE
0.9Y - X = 403..........NOT SUFF
FROM TWO
SALES PRICE = 1953........NOT SUFF
BOTH
0.9Y = 1953 Y = 2170
2170-X =403
X= 1767
MY ANSWER IS C
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Senior Manager
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A
Explanation
Say x is the original price
Asking price = x * 140/100 = 7x /5
From 1 - sufficient
10 % reduction on asking price = (7x)/5 * 90/100 = (63x)/50
Now 63x/50 – x = profit = 403
x = 1550
From 2 - insufficient
We just know the selling price $ 1953...we do not know the % of reduction or profit...
Can’t assume he sold it in asking price
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Senior Manager
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Agree with A
Original Cost = x
Original Sale price = 1.4 X (Forty percent markup)
Reduced price at 10% discount = 0.9*1.4x
From A
0.9*1.4x - x = 403
Solve for X
Suff.
From B
Insuff
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Director
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St1 is suff...
Since a 10% discount was offered on asking price. Let original asking price be A. 0.9a=403 obtain the value of A. Let original cost be C. Its given that 1.4C =A. Solve to get C
St2 Just specifies the selling price so not suff
My pick is A.
What is OA?
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Senior Manager
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A jewelery dealer offered a bracelet for sale at an asking price that would give profit to the dealer of 40% of the original cost. What was the original cost of the bracelet
1) After reducing this asking price by 10%, the jewelery dealer sold the bracelet at a profit of $ 403..
2) The jewelery dealer sold the bracelet for $1953
x is CP For 40% profit SP=1.4x
1) 10% reduction in SP = 1.4x*.9=1.26x
1.26x-x=403==> x= 403/0.26
Suff
2) 1.4x=1953 so x=1953/1.4
Suff
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Manager
Joined: 04 Jan 2006
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A for me too.
Damager, we can not assume that he sold for the asking price.
1.4x was the asking price. He might not have got that much or any profit when he sold it.
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Manager
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Re: DS - jewellery dealer [#permalink]
26 Oct 2006, 15:24
Late but A!
Forget about the calculations, it would make u loose precious time. St. B I think just gives u the final number, maybe this wasn't the only sale or deduction he made, therefore meeting a smaller profit than a 40% -> insufficient.
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Manager
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can somebody explain it more...! why b is cannot give a single solution..!
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VP
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i get it now.
b is insuff because b is the selling price, but you need asking price.
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