Events & Promotions
|
|
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
May 1810:00 AM PDT
-11:00 AM PDT
Join us in a live GMAT practice session and solve 25 challenging GMAT questions with other test takers in timed conditions, covering GMAT Quant, Data Sufficiency, Data Insights, Reading Comprehension, and Critical Reasoning questions.
May 1212:00 PM EDT
-11:59 PM EDT
Make the most of your break with the most realistic GMAT™ prep. Take up to $700 off select products. Ends 6/1
May 1501:00 PM IST
-11:00 AM IST
Start your journey with a fully customized action plan and work with a dedicated mentor to achieve a 735+ score.- May 19
12:00 PM PDT
-01:00 PM PDT
Scoring 329 on the GRE is not always about using more books, more courses, or a longer study plan. In this episode of GRE Success Talks, Ashutosh shares his GRE preparation strategy, study plan, and test-day experience, explaining how he kept his prep.... - Jun 10
06:00 AM PDT
-06:15 PM PDT
Register for the GMAT Club Virtual MBA Spotlight Fair – the world’s premier event for serious MBA candidates. This is your chance to hear directly from Admissions Directors at nearly every Top 30 MBA program..
25 May 2022, 02:58
Kudos
Bookmarks
B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
85%
(hard)
Question Stats:
46% (02:28) correct
54%
(02:43)
wrong
based on 89
sessions
History
Date
Time
Result
Not Attempted Yet
A dealer purchased an antique for $240 and then marked up the price of the antique by 40 percent of the selling price. If the merchant subsequently discounted the antique by 20% of the selling price and so the antique, then what was the merchant's gross profit as a percent of his original purchase price?
(A) 25 %
(B) 33 \(\frac{1}{2 }\)%
(C) 35 %
(D) 37.5 %
(C) 40 %
(A) 25 %
(B) 33 \(\frac{1}{2 }\)%
(C) 35 %
(D) 37.5 %
(C) 40 %
nislam
Joined: 09 Feb 2020
Last visit: 24 Apr 2026
Posts: 226
Own Kudos:
Given Kudos: 74
Schools: Warrington (S)
06 Jul 2022, 02:16
Kudos
Bookmarks
Could anyone please give a solution to the problem? Thanks
KabirKanha
08 Jul 2022, 21:53
Kudos
Bookmarks
nislam
Note that the value of \($240\) is irrelevant to the question since we are only dealing with percentages and not absolute numbers. We will ignore this.
For our convenience, let us assume that the dealer marked the selling price as 100. It is given that the dealer marked up the price of the antique by 40% of the selling price, which means the mark up was 40 and hence the cost price was 60.
Now, he gives a discount of 20% on the selling price, which means that the effective selling price is 80.
Hence,
Profit \(= \frac{20}{60} = 33\frac{1}{3}\%\)
So, Option B
