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PS: Profit-Loss Question

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Manager
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Joined: 11 Jun 2010
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PS: Profit-Loss Question [#permalink] New post 10 Jul 2010, 20:33
00:00
A
B
C
D
E

Difficulty:

  5% (low)

Question Stats:

66% (01:24) correct 33% (00:27) wrong based on 6 sessions
A Certain radio costs the merchant $72. At what price must the merchant sell this radio in order to make a profit of 20% of the selling price?

A $86.4
B $92
C $90
D $144
E $148

(I keep on getting the wrong answer, please provide the exact method/technique to solve these questions)

Thanks
Farukh
[Reveal] Spoiler: OA
Manager
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Joined: 03 Jun 2010
Posts: 184
Location: United States (MI)
Concentration: Marketing, General Management
WE: Business Development (Consumer Products)
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Re: PS: Profit-Loss Question [#permalink] New post 10 Jul 2010, 20:46
I've done it.
Let x be a selling price.
72+0.2x=x
x=90 (C)
0.2x is the 20% profit.
Where am i wrong?
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Manager
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Re: PS: Profit-Loss Question [#permalink] New post 10 Jul 2010, 22:19
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ulm wrote:
I've done it.
Let x be a selling price.
72+0.2x=x
x=90 (C)
0.2x is the 20% profit.
Where am i wrong?


This is the correct method. Ans is C
_________________

+1 kudos me if this is of any help...

Manager
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Joined: 11 Jun 2010
Posts: 65
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Re: PS: Profit-Loss Question [#permalink] New post 11 Jul 2010, 01:43
Thanks for your support. I appreciate it.
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Re: PS: Profit-Loss Question [#permalink] New post 16 Jul 2010, 01:23
If selling price is Rs100 and profit is Rs20 (20%) which means cost price is Rs80

Now we will calculate what percent of cost price is profit, x% of 80 = 20

so x becomes 25%, now we know when profit percent is 20% of selling price then that is 25% of cost price,

In question Cost price is Rs72, 25% of 72 will give us profit = Rs18

So selling price = 72+18 = 90

correct answer is 90
Re: PS: Profit-Loss Question   [#permalink] 16 Jul 2010, 01:23
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