PS: Profit-Loss Question : GMAT Problem Solving (PS)
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PS: Profit-Loss Question

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Manager
Joined: 11 Jun 2010
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10 Jul 2010, 20:33
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Difficulty:

35% (medium)

Question Stats:

50% (01:36) correct 50% (00:12) wrong based on 12 sessions

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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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Concentration: Marketing, General Management
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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?
Manager
Joined: 06 Oct 2009
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10 Jul 2010, 22:19
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KUDOS
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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11 Jul 2010, 01:43
Thanks for your support. I appreciate it.
Manager
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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

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