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A jewelry dealer initially offered a bracelet for sale at an

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A jewelry dealer initially offered a bracelet for sale at an  [#permalink]

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New post 11 Jan 2010, 05:11
10
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A
B
C
D
E

Difficulty:

  85% (hard)

Question Stats:

40% (01:44) correct 60% (01:45) wrong based on 193 sessions

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A jewelry dealer initially offered a bracelet for sale at an asking price that would give a profit to the dealer of 40 percent of the original cost. What was the original cost of the bracelet?

(1) After reducing this asking price by 10 percent, the jewelry dealer sold the bracelet at a profit of $403.
(2) The jewelry dealer sold the bracelet for $1,953.
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Re: original cost of the bracelet?  [#permalink]

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New post Updated on: 11 Jan 2010, 12:23
vageesh wrote:
22. A jewelry dealer initially offered a bracelet for sale at an asking price that would give a profit to the dealer of 40 percent of the original cost. What was the original cost of the bracelet?
(1) After reducing this asking price by 10 percent, the jewelry dealer sold the bracelet at a profit of $403.
(2) The jewelry dealer sold the bracelet for $1,953.

i opted for A


(1) After reducing this asking price by 10 percent, the jewelry dealer sold the bracelet at a profit of $403.

lets original cost = 100x

and this asking price = 140x

final reduced price = (140x - 14x) = 126x

so profit = final reduced price - original cost
403=126x -100x

SUFFICIENT

(2) The jewelry dealer sold the bracelet for $1,953.

We do not know what is the final reduced price so this statement is not sufficient.

I pick A.

Originally posted by swatirpr on 11 Jan 2010, 06:22.
Last edited by swatirpr on 11 Jan 2010, 12:23, edited 1 time in total.
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Re: original cost of the bracelet?  [#permalink]

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New post 11 Jan 2010, 08:01
vageesh wrote:
22. A jewelry dealer initially offered a bracelet for sale at an asking price that would give a profit to the dealer of 40 percent of the original cost. What was the original cost of the bracelet?
(1) After reducing this asking price by 10 percent, the jewelry dealer sold the bracelet at a profit of $403.
(2) The jewelry dealer sold the bracelet for $1,953.

i opted for A


Asking price is S
Original Cost is C.
Question stimulus states
S - C = 0.4 * C --> S = 1.4C.

Question asks value of C.

Stmt-1:
0.9S - C = 403, sufficient, substitute value of S from question stimulus equation.

Stmt-2:
S = 1953. Substituting in the equ'tion of the question stimulus, sufficient.

My Pick is D.
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Re: original cost of the bracelet?  [#permalink]

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New post 11 Jan 2010, 17:52
1
I am going to agree with swatirpr, A is correct.

stmt1 - 'after reducing this asking price' specifies that the information given in the question should be used
stmt2 - only says sold for XXXX, it may not have been his INITIAL offer.


edit: Found another post with the same question.
ds-original-cost-79845.html
OA=A
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Re: original cost of the bracelet?  [#permalink]

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New post 26 Apr 2010, 10:20
D for me. I did exactly what BarneyStinson did.
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Re: original cost of the bracelet?  [#permalink]

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New post 26 Apr 2010, 10:27
I see mixed answers for this question. What is the correct answer? what is the source for this problem? next time, Please reveal your answer in spoiler when you submit. Correct answers to such DS problems helps us to guess correctly if we are running short of time.
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Re: original cost of the bracelet?  [#permalink]

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New post 26 Apr 2010, 12:41
I will pick D as well....OA pls
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Re: original cost of the bracelet?  [#permalink]

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New post 26 Apr 2010, 12:44
gurpreetsingh wrote:
I will pick D as well....OA pls



I agree too its D, unless we need to use RC skills to clearly comprehend or find out faults with what exactly the question suggests or means :)
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Re: original cost of the bracelet?  [#permalink]

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New post 26 Apr 2010, 15:24
OA and if possible the source of the question too.
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Re: original cost of the bracelet?  [#permalink]

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New post 29 Jan 2011, 09:10
Answer per my document is "A". No explanation available. This one is a tricky question. Swatirpr's interpretation is best suited for this solution.
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Re: original cost of the bracelet?  [#permalink]

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New post 16 Dec 2013, 13:20
gurpreetsingh wrote:
I will pick D as well....OA pls


D, I agree with Mr. Barney and Singh

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Re: A jewelry dealer initially offered a bracelet for sale at an  [#permalink]

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New post 16 Dec 2013, 20:39
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1
vageesh wrote:
22. A jewelry dealer initially offered a bracelet for sale at an asking price that would give a profit to the dealer of 40 percent of the original cost. What was the original cost of the bracelet?
(1) After reducing this asking price by 10 percent, the jewelry dealer sold the bracelet at a profit of $403.
(2) The jewelry dealer sold the bracelet for $1,953.

i opted for A


The answer here will be (A). I understand the issue raised by people who say (D) is the answer and hopefully, GMAT will not let this ambiguity creep in but you must remember that given the question as it is, you must answer it as (A).
Every DS question is a single question and not two independent questions based on two statements. This means that if you get the answer using one statement, you will get the same answer using the other statement too. e.g. You CANNOT have such a situation.
Question: What is x?
Statement 1: x = 3
Statement 2: x = 4
In this over simplified example, each statement gives you the answer but they give conflicting values of x. This is not a valid
DS question.

For people who say answer is (D)
Statement 1 gives you that original cost is 1550
Statement 2 gives you that original cost is 1395
This cannot be correct.

Also note the wording of the question: "dealer initially offered a bracelet for sale at..."
Considering statement 2 alone, we don't know the profit % after he finally sold it. All we know is that he initially offered it for sale at 40% mark up. Whether he was able to sell at this mark up or not, we do not know. Remember, it is a DS question - you cannot assume anything in it. Hence statement 2 alone is not sufficient.

Answer (A)
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Re: A jewelry dealer initially offered a bracelet for sale at an  [#permalink]

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New post 23 Dec 2013, 10:57
vageesh wrote:
A jewelry dealer initially offered a bracelet for sale at an asking price that would give a profit to the dealer of 40 percent of the original cost. What was the original cost of the bracelet?

(1) After reducing this asking price by 10 percent, the jewelry dealer sold the bracelet at a profit of $403.
(2) The jewelry dealer sold the bracelet for $1,953.


I ans D as well.. Bt after I read the question carefully, then I was wrong :(

Actually statement B mentioned the price on which jewellery dealer sold the bracelet, and question is asking abt 40% above then iniatially offered price. If statement wud have mentioned that jewellery intial offered price is 1953(e.g. 1953=1.40*original cost) then this statement wud have been sufficient.

I hope I m correct :D
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Re: A jewelry dealer initially offered a bracelet for sale at an  [#permalink]

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New post 12 Mar 2015, 00:47
vageesh wrote:
A jewelry dealer initially offered a bracelet for sale at an asking price that would give a profit to the dealer of 40 percent of the original cost. What was the original cost of the bracelet?

(1) After reducing this asking price by 10 percent, the jewelry dealer sold the bracelet at a profit of $403.
(2) The jewelry dealer sold the bracelet for $1,953.



Got it wrong because it is a WORD problem !!!!!!!

Need to pay more attention!!!! but how to make out the difference ???
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Re: A jewelry dealer initially offered a bracelet for sale at an  [#permalink]

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New post 12 Mar 2015, 17:15
Hi samichange,

You've hinted at an issue that impacts a LOT of Test Takers, but you're focusing on the wrong aspect of the process. You didn't get this question wrong because it was slightly wordy - you got it wrong because you made a silly mistake.

The 'solution' to this type of issue is to take more/better notes and put more detail into your WORK. Can you upload a picture of the work that you did the first time you attempted this question? I'd like to see how you approached the problem. What type of notes did you take? Did you try to do math "in your head?"

If you're thinking about your overall pacing, you should know that 75 minutes IS enough time to take a shot at every Quant question, but it's NOT enough time to do work in your head, reread the prompt over and over, stare at the screen etc. Also, if your goal is to score at a high level, then little mistakes CANNOT be allowed to happen.

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A jewelry dealer initially offered a bracelet for sale at an  [#permalink]

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New post 22 Mar 2015, 21:49
A jewelry dealer initially offered a bracelet for sale at an asking price that would give a profit to the dealer of 40 percent of the original cost. What was the original cost of the bracelet?

\(Selling price=Cost+(\frac{40}{100})*Cost\)

Statement (1): After reducing this asking price by 10 percent, the jewelry dealer sold the bracelet at a profit of $403.

\(New selling price=Cost+(\frac{40}{100})*Cost-\frac{10}{100}*(Cost+(\frac{40}{100})*Cost)\)

\(New Selling Price=0.9*Cost+(\frac{36}{100})*Cost\)

profit=$403------>\((\frac{36}{100})*Cost=403\)------>Cost=$1119.44

Statement 1): SUFFICIENT

Statement (2) :The jewelry dealer sold the bracelet for $1,953.

\(1953=Cost+-(\frac{x}{100})*Cost\)

It could be profit or loss(we can not assume that dealer sold at initial offer which is 40% profit.)

Statement (2): NOT SUFFICIENT

Ans: A

Please correct me if i am wrong.

Thanks,
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Re: A jewelry dealer initially offered a bracelet for sale at an  [#permalink]

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New post 10 Nov 2015, 00:32
VeritasPrepKarishma wrote:
vageesh wrote:
22. A jewelry dealer initially offered a bracelet for sale at an asking price that would give a profit to the dealer of 40 percent of the original cost. What was the original cost of the bracelet?
(1) After reducing this asking price by 10 percent, the jewelry dealer sold the bracelet at a profit of $403.
(2) The jewelry dealer sold the bracelet for $1,953.

i opted for A


The answer here will be (A). I understand the issue raised by people who say (D) is the answer and hopefully, GMAT will not let this ambiguity creep in but you must remember that given the question as it is, you must answer it as (A).
Every DS question is a single question and not two independent questions based on two statements. This means that if you get the answer using one statement, you will get the same answer using the other statement too. e.g. You CANNOT have such a situation.
Question: What is x?
Statement 1: x = 3
Statement 2: x = 4
In this over simplified example, each statement gives you the answer but they give conflicting values of x. This is not a valid
DS question.

For people who say answer is (D)
Statement 1 gives you that original cost is 1550
Statement 2 gives you that original cost is 1395
This cannot be correct.

Also note the wording of the question: "dealer initially offered a bracelet for sale at..."
Considering statement 2 alone, we don't know the profit % after he finally sold it. All we know is that he initially offered it for sale at 40% mark up. Whether he was able to sell at this mark up or not, we do not know. Remember, it is a DS question - you cannot assume anything in it. Hence statement 2 alone is not sufficient.

Answer (A)



Hi @VeritasPrepKarishma-
I beg to differ on the above explanation. I mean, one should account the statement I to comprehend the question stem, which I don't believe is the correct approach to solve GMAT questions.
Just looking at the question stem and Statement 2, one can easily say that Statement is sufficient to arrive at the solution. However, going by the correct answer (A), I would say that this question is not a typical GMAT question as it leaves room for doubt.

Thanks,
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