A chair store sold a certain chair to a collector for 40%more than the

Question

A chair store sold a certain chair to a collector for 40%more than the store had originally paid for the chair. When the collector tried to resell the chair to the store, the store bought it back at 60%of what the collector had paid. The shop then sold the chair again at a profit of 75%on its buyback price. If the difference between the chair's original cost to the shop and the amount the collector got from reselling it back to the shop is $176, for how much did the shop sell the chair the second time?

$1,243
$1,439
$1,617
$1,851
$2,025

Let the Cost price = x
First SP = 1.4*x
return price = 1.4*0.6*x

CP - Return Price = 176
x - 1.4*0.6*x = 176
0.16*x = 176
x = 176/0.16
x = 1100

Second SP = 1.75*(return price)
=1.75*1.4*0.6*x
= 1617

Correct Option is C

A. $1,243
B. $1,439
C. $1,617
D. $1,851
E. $2,025

Dare Devil · Answer

A chair store sold a certain chair to a collector for 40%more than the store had originally paid for the chair. When the collector tried to resell the chair to the store, the store bought it back at 60%of what the collector had paid. The shop then sold the chair again at a profit of 75%on its buyback price. If the difference between the chair's original cost to the shop and the amount the collector got from reselling it back to the shop is $176, for how much did the shop sell the chair the second time?

$1,243
$1,439
$1,617
$1,851
$2,025

Let the Cost price = x
First SP = 1.4*x
return price = 1.4*0.6*x

CP - Return Price = 176
x - 1.4*0.6*x = 176
0.16*x = 176
x = 176/0.16
x = 1100

Second SP = 1.75*(return price)
=1.75*1.4*0.6*x
= 1617

Correct Option is C

$1,243
$1,439
$1,617
$1,851
$2,025

Let the Cost price = x
First SP = 1.4*x
return price = 1.4*0.6*x

CP - Return Price = 176
x - 1.4*0.6*x = 176
0.16*x = 176
x = 176/0.16
x = 1100

Second SP = 1.75*(return price)
=1.75*1.4*0.6*x
= 1617

Correct Option is C

chetan2u · Answer

Let the initial price be x. 
The cost to collector is 1.4x and the selling price of collector back to store =1.4*0.6=0.84x
Now it is given that x-0.84x=176....x=176/0.16=1100

So the store buys it back for 1100*0.84=924
Now this is sold at 75% profit = 924*1.75=924*175/100=924*7/4=231*7=1617

C

Other way to avoid decimals is to take x as 100.
So sold to collector at 140, then taken back at 140*60/100=84
Difference =100-84=16.
So if initial was 100, the difference is 16, so difference of 176 will be when the cost is 100*176/16=1100.
So final cost =1100*0.84=924 and a profit of 75% means 924*175/100=1617

Ansh777 · Answer

Let initial price of the Store:  100  unit
Cost to Collector= 140
Buyback Price to store= 60% of 140=  84 
Second time selling Price of Store= 75 % profit on 84= 147

Now 100- 84 = 16 units = 176
Therefore: 147 unites= 176*147/16 = 11*147= 1617.

Answer: C

CrackverbalGMAT · Answer

This is a question on the concept of successive percentage changes. I’d use the fractional equivalent of percentages extensively in this question to make the calculations simpler and faster.

Let the chair’s original cost to the shop be $x. On selling it to the collector at 40% profit, they obtained $ \frac{7x}{5} .

When the collector sold it back to them, they bought it at 60% of what he had paid. Therefore, the price at which they bought it back =  \frac{3}{5} * \frac{7x }{ 5} = $ \frac{21x }{25} .

The difference between the shop’s original cost and the money that it paid (or the money that the collector got back) = x –  \frac{21x}{25}  = $  \frac{4x}{25} . The question says that this is equal to $176. Equating and solving for x, we get x = 1100.

Therefore, selling price of the shop when it sold the chair again =  \frac{7}{4} * \frac{21x }{ 25} = \frac{147x}{100}  = $ 1617.

The correct answer option is C.

In questions like these on percentages, the more methodical you are in analyzing statements stage by stage, the better your accuracy will be. Observe how we solved the question in small stages, evaluating the answer of each stage and using that as the input for the next stage.

Hope that helps!

mellowmev · Answer

This is high-quality question and I agree with the explanation

luisdicampo · Answer

Deconstructing the Question

Let the shop's original cost be  C . 
The shop first sells the chair at  40% above cost . 
Then it buys the chair back at  60% of what the collector paid . 
Finally, the shop sells it again at a  75% profit  on the buyback price.

Step-by-step

Original cost:

C

First sale to collector:

1.4C

Buyback price:

0.6(1.4C) = 0.84C

Given difference:

C - 0.84C = 176

0.16C = 176

C = \frac{176}{0.16}

C = 1100

Buyback price:

0.84(1100) = 924

Second selling price:

1.75 	imes 924 = 1617

Answer: 1617

A chair store sold a certain chair to a collector for 40%more than the

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A chair store sold a certain chair to a collector for 40%more than the

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