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A dress is marked up 16 2/3% to a final price of $140. What [#permalink] ### Show Tags 28 Jun 2013, 06:11 2 This post was BOOKMARKED 00:00 Difficulty: (N/A) Question Stats: 78% (01:33) correct 22% (02:13) wrong based on 24 sessions ### HideShow timer Statistics A dress is marked up $$16\frac{2}{3}$$% to a final price of$140. What is the original price 3 of the dress?

OA:
[Reveal] Spoiler:
120

My concern:
[Reveal] Spoiler:
How the answer is 120? According to me the answer should be 140- 16 \frac{2}{3}% x 140 = 116.66

Reference: Chapter 5: FDPs (Manhattan GMAT guide 1: Fractions, Decimals, & Percents)

Last edited by Bunuel on 28 Jun 2013, 07:01, edited 1 time in total.
Edited the question.
 Manhattan GMAT Discount Codes Magoosh Discount Codes Kaplan GMAT Prep Discount Codes
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Re: A dress is marked up 16 2/3% to a final price of $140. What [#permalink] ### Show Tags 28 Jun 2013, 07:19 Expert's post 1 This post was BOOKMARKED trushit wrote: A dress is marked up $$16\frac{2}{3}%$$ to a final price of$140. What is the original price 3 of the dress?

OA:
[Reveal] Spoiler:
120

My concern:
[Reveal] Spoiler:
How the answer is 120? According to me the answer should be 140- 16 \frac{2}{3}% x 140 = 116.66

Reference: Chapter 5: FDPs (Manhattan GMAT guide 1: Fractions, Decimals, & Percents)

$$16\frac{2}{3}=\frac{50}{3}$$, thus $$16\frac{2}{3}$$ percent is $$\frac{(\frac{50}{3})}{100}=\frac{1}{6}$$ (the same ways as 10% is 10/100=0.1).

Say the price of the dress is $x, then the markup is 1/6*x, so we have that $$x + \frac{1}{6}*x=140$$ --> $$x=120$$. Hope it's clear. _________________ Intern Joined: 15 Aug 2011 Posts: 20 Location: United States Concentration: Marketing, Technology GPA: 3.6 WE: Project Management (Computer Software) Followers: 0 Kudos [?]: 16 [2] , given: 53 Re: A dress is marked up 16 2/3% to a final price of$140. What [#permalink]

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28 Jun 2013, 08:49
2
KUDOS
Hi Trushit,

If the original price of an item is $100 and you increment it by 20%, the final price is$100 + 20/100 * 100 = 100+20 = 120

If you discount the final price of $120 by 20%, we assume it to be$100 but it is not so.

The reason is: $120 - 20/100 * 120 = 120 - 24 =$94

You notice... 20% of 120 is 24 not 20 so you are deducting more than what you actually added hence when you discount by the same value (20%), you wont get the same number.

In question you have posted, the author says - "A dress is marked up by 16 2/3% to make the final price of $140" "marked up" means hiked the price... what you tried to do was "discount" the price by same % on the final price.. which is incorrect. Hence, the problem has to be solved as follows: let x be original price % increase is = 16 2/3% of x = 50/3% of x final price =$ 140

==> x + 50/3 * x% = 140

==> x + 50/300 * x = 140

==> x + x/6 = 140

==> 7x/6 = 140

==> x = 120

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FDPs: how is 16*(2/3) = 1/6? [#permalink]

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21 Jul 2013, 12:55
Hi!

Im doing the FDPs book by MGMAT currenty and right at the end of ch 5, this pops up:

Quote:
Question: "A dress is marked up $$16\frac{2}{3}%$$ to a final price of $140. What is the original price of the dress?" Answer: From the previous page, you know that $$16\frac{2}{3}%$$ is equivalent to $$\frac{1}{6}$$. Thus, adding $$\frac{1}{6}$$ of a number to 3 itself is the same thing as multiplying by $$1 + \frac{1}{6} = \frac{7}{6}$$. The original price is$120

On what planet is 16(2/3) = 1/6?? What am I missing. If anything, 16(2/3) = 50/3 = 100/6... Or am I completelty missunderstanding?
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Re: FDPs: how is 16*(2/3) = 1/6? [#permalink]

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21 Jul 2013, 12:58
aeglorre wrote:
Hi!

Im doing the FDPs book by MGMAT currenty and right at the end of ch 5, this pops up:

Quote:
Question: "A dress is marked up $$16\frac{2}{3}%$$ to a final price of $140. What is the original price of the dress?" Answer: From the previous page, you know that $$16\frac{2}{3}%$$ is equivalent to $$\frac{1}{6}$$. Thus, adding $$\frac{1}{6}$$ of a number to 3 itself is the same thing as multiplying by $$1 + \frac{1}{6} = \frac{7}{6}$$. The original price is$120

On what planet is 16(2/3) = 1/6?? What am I missing. If anything, 16(2/3) = 50/3 = 100/6... Or am I completelty missunderstanding?

Merging topics. Please refer to the posts above.
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01 Oct 2016, 12:32
I have a bit shorter answer.
Since,

Markup= Selling price- Cost, and (16 2/3 % = 1/6)
so,
1/6x = $140- x 1/6 x + x =$140
7/6 x= $140 x=$120
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