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A car dealer purchased a new car from the manufacturer for a percent

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A car dealer purchased a new car from the manufacturer for a percent  [#permalink]

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New post 08 Jan 2018, 23:33
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62% (01:41) correct 38% (02:07) wrong based on 32 sessions

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A car dealer purchased a new car from the manufacturer for a percent more than the production cost, and then sold the car for b percent more than the price at which he purchased it. What was the production cost of the car?

(1) b = 5
(2) The difference between the price at which the car dealer bought the car and the price at which he sold the car was $2500.

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Re: A car dealer purchased a new car from the manufacturer for a percent  [#permalink]

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New post 09 Jan 2018, 11:19
Bunuel wrote:
A car dealer purchased a new car from the manufacturer for a percent more than the production cost, and then sold the car for b percent more than the price at which he purchased it. What was the production cost of the car?

(1) b = 5
(2) The difference between the price at which the car dealer bought the car and the price at which he sold the car was $2500.


Let X be the production cost (which we have to find). So dealer's purchase price = a% more than X = X*(1 + a/100) and Selling price = X*(1 + a/100)*(1 + b/100)

(1) b = 5. Just this information wont help us in finding X. Insufficient.

(2) We are given that difference between Selling price and Purchase price is $2500. So
X*(1 + a/100)*(1 + b/100) - X*(1 + a/100) = X*(1 + a/100)*[(1 + b/100) - 1] = 2500 OR X*(1 + a/100)*(b/100) = 2500.
But this also wont help us in finding X, so Insufficient.

Combining the two statements, we can substitute b=5 to get X*(1 + a/100)*(5/100) = 2500
OR X*(1 + a/100) = 50000. But since we dont know the value of a, we cannot calculate the value of X. So Insufficient still.

Hence E answer
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Re: A car dealer purchased a new car from the manufacturer for a percent &nbs [#permalink] 09 Jan 2018, 11:19
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