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01 Oct 2013, 01:39
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C
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
95%
(hard)
Question Stats:
28% (01:55) correct
72%
(02:14)
wrong
based on 88
sessions
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A dishonest dealer claims to sell a product at its cost price. He uses a counterfeit weight which is 20% less than the real weight. Further greed overtook him and he added 20% impurities to the product. Find the net profit percentage of the dealer?
A. 44%
B. 40%
C. 50%
D. 56.25%
E. 36%
A. 44%
B. 40%
C. 50%
D. 56.25%
E. 36%
I feel the OA is incorrect I was getting 56.25% as both the profits should be successive (that's what I feel 25% profit by each cheating)
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Transcendentalist
Joined: 24 Nov 2012
Last visit: 04 Dec 2023
Posts: 130
Given Kudos: 73
Concentration: Sustainability, Entrepreneurship
Schools: CBS '17 (M) Kellogg '17 (A)
GMAT 1: 770 Q50 V44
WE:Business Development (Internet and New Media)
01 Oct 2013, 02:35
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Let the weight of the product be 100kgs and the price $100.. So cost price is $1/kg
Now by using a counterfeight weight the dealer is selling 80kgs for $100
He then adds 20% impurities to it which is equivalent to adding 20% on selling price => $120
So now the price per kg is 120/80 = $1.5
And hence a profit margin of 50%.. C
Now by using a counterfeight weight the dealer is selling 80kgs for $100
He then adds 20% impurities to it which is equivalent to adding 20% on selling price => $120
So now the price per kg is 120/80 = $1.5
And hence a profit margin of 50%.. C
03 Sep 2015, 03:02
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Hi,
Can someone please tell me how to arrive at the answer? I'm repeatedly getting 56.25.
My approach,
Say the CP is C For 1kg.
Now if he is using a tainted weight then the SP would be C for 0.8 kg.
He again adds 20% impurities. So 20% if 0.8 = 0.16 kg. (0.8 - 0.16) = 0.64 kg which he sells for C. From this we can say the SP of 1kg as 100C/64
(SP-CP/CP) *100 we get 56.25 %
Would be great if you could tell me what is wrong with my method and solve it on similar terms.
Can someone please tell me how to arrive at the answer? I'm repeatedly getting 56.25.
My approach,
Say the CP is C For 1kg.
Now if he is using a tainted weight then the SP would be C for 0.8 kg.
He again adds 20% impurities. So 20% if 0.8 = 0.16 kg. (0.8 - 0.16) = 0.64 kg which he sells for C. From this we can say the SP of 1kg as 100C/64
(SP-CP/CP) *100 we get 56.25 %
Would be great if you could tell me what is wrong with my method and solve it on similar terms.
