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Difficulty:
5%
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Question Stats:
88% (01:24) correct
12%
(01:55)
wrong
based on 254
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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
A. $10.00
B. $10.50
C. $12.00
D. $12.50
E. $120.00
05 Jan 2013, 05:02
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Cost per crate is 8$.
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!!!!
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!!!!
ConnectTheDots
GMAT 2: 770 Q50 V47
Posts: 239
05 Jan 2013, 09:23
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10 Crates for $80
25% Profit over $80 = (5/4)*$80 = $100
Lost 2 Crates, So remaining Crates 10-2 = 8 Crates
8 Crates he has to sell for $100
so, 1 Crate for $100/8 = $12.5
25% Profit over $80 = (5/4)*$80 = $100
Lost 2 Crates, So remaining Crates 10-2 = 8 Crates
8 Crates he has to sell for $100
so, 1 Crate for $100/8 = $12.5
