If an item is purchased \(x\) percent less than its retail price, and then sold for \(y\) percent less than its retail price, what was the retail price of the item?
(1) \(x - y = 10\)
(2) \(y = 5\)
Source: Gmat Hacks 1800
Both statements together tell you this:
y = 5
x - y = 10 i.e. x = 15
So, an item is purchased for 15% less than its retail price, and then sold for 5% less than its retail price. What was the retail price of the item?
There is no information on actual cost. Only percentages are given. Hence both statements together are not sufficient.
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