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A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

(1) y - x = 20 (2) y/x = 5/4

Practice Questions Question: 51 Page: 279 Difficulty: 600

A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

We need to find the value of \(\frac{y-x}{x}*100=(\frac{y}{x}-\frac{x}{x})*100=(\frac{y}{x}-1)*100\). So, basically we need to find the value of \(\frac{y}{x}\).

(1) y - x = 20. We cannot get the desired ratio from this statement. Not sufficient. (2) y/x = 5/4. Directly gives us the value of \(\frac{y}{x}\). Sufficient.

Re: A clothing store acquired an item at a cost of x dollars and [#permalink]

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01 Oct 2012, 06:55

1

This post received KUDOS

tricky one. I picked D but is wrong. Answer should be B

here: \(P = Revenues - Costs\). for instance I have \(R = 30\) \(C = 10\) so \(y - x = 20\). In my example I know x and y but from 1) we do not have them sio INSUFF

2) \(y = 5\) \(x = 4\)-----> \(R = 5\) and \(C = 4\) so \(C = 100\) and\(R = 125\). We have 25 % that is what we are looking for SUFF

A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

(1) y - x = 20 (2) y/x = 5/4

Practice Questions Question: 51 Page: 279 Difficulty: 600

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The gross profit is \(y-x.\) The question asks for the ratio \(\frac{y-x}{x}.\)

(1) No information about \(x.\) Not sufficient.

(2) Since \(\frac{y-x}{x}=\frac{y}{x}-\frac{x}{x}=\frac{y}{x}-1\), sufficient.

Answer B.
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PhD in Applied Mathematics Love GMAT Quant questions and running.

A clothing store acquired an item at a cost of x dollars and sold the item for y dollars. The store's gross profit from the item was what percent of its cost for the item?

We need to find the value of \(\frac{y-x}{x}*100=(\frac{y}{x}-\frac{x}{x})*100=(\frac{y}{x}-1)*100\). So, basically we need to find the value of \(\frac{y}{x}\).

(1) y - x = 20. We cannot get the desired ratio from this statement. Not sufficient. (2) y/x = 5/4. Directly gives us the value of \(\frac{y}{x}\). Sufficient.

Answer: B.

Kudos points given to everyone with correct solution. Let me know if I missed someone.
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Re: A clothing store acquired an item at a cost of x dollars and [#permalink]

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04 Oct 2012, 13:36

Bunuel

Your method to rephrase a stem is simply unbelievable. Of course the most important thing during the exam is to have the right solution under time constrain, no matter what......but wow
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Re: A clothing store acquired an item at a cost of x dollars and [#permalink]

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02 Aug 2014, 13:27

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Re: A clothing store acquired an item at a cost of x dollars and [#permalink]

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20 Aug 2015, 21:01

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Re: A clothing store acquired an item at a cost of x dollars and [#permalink]

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20 Sep 2016, 08:15

Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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