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A man bought 10 crates of oranges for $80 total. If he lost
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Updated on: 07 Jan 2013, 01:39

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A man bought 10 crates of oranges for $80 total. If he lost 2 of the crates, at what price would he have to sell each of the remaining crates in order to earn a total profit of 25 percent of the total cost?

A. $10.00 B. $10.50 C. $12.00 D. $12.50 E. $120.00

Re: A man bought 10 crates of oranges for $80 total. If he lost
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05 Jan 2013, 05:02

Cost per crate is 8$. Now he lost 2 crates out of 10 that means quantity lost is 20%. To recover loss from this loss he should increase price by 25% ( 2/10 loss in quantity => 2/8 rise in cost on remaining for break-even). Thus break-even price for remaining 8 crates is 10 $ (8*125/100 or 8* 10/8).

Now he wants 25% profit on top of this. So he should raise break-even price by 25%. So the answer is 12.5$

Kudos if you like the approach!!!!
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Re: A man bought 10 crates of oranges for $80 total. If he lost
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07 Jan 2013, 01:43

scoobee wrote:

A man bought 10 crates of oranges for $80 total. If he lost 2 of the crates, at what price would he have to sell each of the remaining crates in order to earn a total profit of 25 percent of the total cost?

A. $10.00 B. $10.50 C. $12.00 D. $12.50 E. $120.00

The total cost is $80. In order to earn a total profit of 25% the total sales must be 80*1.25 = $100.

Thus he must sell each of he remaining crates for 100/8 = $12.5.

Re: A man bought 10 crates of oranges for $80 total. If he lost
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25 Dec 2017, 23:52

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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