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When Leo imported a certain item, he paid a 7 percent import [#permalink]
06 Aug 2012, 01:39
Expert's post
1
This post was BOOKMARKED
00:00
A
B
C
D
E
Difficulty:
5% (low)
Question Stats:
85% (02:11) correct
15% (01:22) wrong based on 726 sessions
When Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item?
Re: When Leo imported a certain item, he paid a 7 percent import [#permalink]
06 Aug 2012, 01:40
Expert's post
4
This post was BOOKMARKED
SOLUTION
When Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item?
Let the value of the item be \($x\), then \(0.07(x-1,000)=87.5\) --> \(x-1,000=1,250\) --> \(x=2,250\).
Answer: C.
Else, you could backsolve: If the value of the item is $2,000 the tax is \((2,000-1,000)*0.07=70\), so the value must be more than $2,000. Eliminate A and B. If the value of the item is $2,400 the tax is \((2,400-1,000)*0.07=98\), so the value must be less than $2,400. Eliminate D and E.
Re: When Leo imported a certain item, he paid a 7 percent import [#permalink]
10 Aug 2012, 02:27
Expert's post
SOLUTION
When Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item?
Let the value of the item be \($x\), then \(0.07(x-1,000)=87.5\) --> \(x-1,000=1,250\) --> \(x=2,250\).
Answer: C.
Else, you could backsolve: If the value of the item is $2,000 the tax is \((2,000-1,000)*0.07=70\), so the value must be more than $2,000. Eliminate A and B. If the value of the item is $2,400 the tax is \((2,400-1,000)*0.07=98\), so the value must be less than $2,400. Eliminate D and E.
Re: When Leo imported a certain item, he paid a 7 percent import [#permalink]
18 Dec 2013, 09:21
Bunuel wrote:
SOLUTION
When Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item?
Let the value of the item be \($x\), then \(0.07(x-1,000)=87.5\) --> \(x-1,000=1,250\) --> \(x=2,250\).
Answer: C.
Else, you could backsolve: If the value of the item is $2,000 the tax is \((2,000-1,000)*0.07=70\), so the value must be more than $2,000. Eliminate A and B. If the value of the item is $2,400 the tax is \((2,400-1,000)*0.07=98\), so the value must be less than $2,400. Eliminate D and E.
Only answer choice C is left.
Do you have tips or a guide on how to most efficiently divide with non-integers in the denominator? I have seen two PS questions where they want us to divide some integer value with a non-integer (0.8 and now 0.07), and I do not really know how to properly approach the division.
Re: When Leo imported a certain item, he paid a 7 percent import [#permalink]
19 Dec 2013, 00:01
Expert's post
aeglorre wrote:
Bunuel wrote:
SOLUTION
When Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item?
Let the value of the item be \($x\), then \(0.07(x-1,000)=87.5\) --> \(x-1,000=1,250\) --> \(x=2,250\).
Answer: C.
Else, you could backsolve: If the value of the item is $2,000 the tax is \((2,000-1,000)*0.07=70\), so the value must be more than $2,000. Eliminate A and B. If the value of the item is $2,400 the tax is \((2,400-1,000)*0.07=98\), so the value must be less than $2,400. Eliminate D and E.
Only answer choice C is left.
Do you have tips or a guide on how to most efficiently divide with non-integers in the denominator? I have seen two PS questions where they want us to divide some integer value with a non-integer (0.8 and now 0.07), and I do not really know how to properly approach the division.
Re: When Leo imported a certain item, he paid a 7 percent import [#permalink]
19 Dec 2013, 02:27
1
This post received KUDOS
Since we know Leo pays 7% of the amount that is in excess of $1000 We can assume 'x' to be the excess amount. Then 7 percent of x = 87.50 => x = 1250. Hence total value = 1000 + 1250 = 2250. Hence (C)
Re: When Leo imported a certain item, he paid a 7 percent import [#permalink]
09 Sep 2014, 21:38
Bunuel wrote:
When Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item?
Re: When Leo imported a certain item, he paid a 7 percent import [#permalink]
09 Sep 2014, 22:03
luckyme17187 wrote:
Bunuel wrote:
When Leo imported a certain item, he paid a 7 percent import tax on the portion of the total value of the item in excess of $1,000. If the amount of the import tax that Leo paid was $87.50, what was the total value of the item?
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