Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized for You
we will pick new questions that match your level based on your Timer History
Track Your Progress
every week, we’ll send you an estimated GMAT score based on your performance
Practice Pays
we will pick new questions that match your level based on your Timer History
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Thank you for using the timer!
We noticed you are actually not timing your practice. Click the START button first next time you use the timer.
There are many benefits to timing your practice, including:
A man cheats while buying as well as while selling. While
[#permalink]
Show Tags
01 Jul 2012, 22:02
6
51
00:00
A
B
C
D
E
Difficulty:
95% (hard)
Question Stats:
51% (02:45) correct 49% (02:51) wrong based on 281 sessions
HideShow timer Statistics
Responding to a pm:
A man cheats while buying as well as while selling. While buying he takes 10% more than what he pays for and while selling he gives 20% less than what he claims to. Find the profit percent, if he sells at 9.09% below the cost price of the claimed weight.
Options:
A. 19.81%
B. 20%
C. 37.5%
D. 25%
E. 37.5%
In weight questions, try to go one step at a time. Say the man buys 100 pounds for $100. But he cheats and takes 110 pounds. This means HIS cost price is $10/11 per pound. While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. So he sells at 10/11 * 100 = 1000/11 HIS cost price for 80 pounds = 10/11 * 80 = 800/11 HIS selling price for 80 pounds = 1000/11
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11.
second approach seems to be easy after reading your blog post. i am still having a hard time while trying to understnad this line 'While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. '
_________________
kudos me if you like my post.
Attitude determine everything. all the best and God bless you.
second approach seems to be easy after reading your blog post. i am still having a hard time while trying to understnad this line 'While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. '
The man claims he is giving you 100 pounds i.e. selling you 100 pounds of product. He is supposedly giving a discount of 9.09% i.e. charging 1/11 less than the cost price of 100 pounds which is $100. So he is charging only 10/11 of $100 = $1000/11 from you for giving you "100 pounds". But actually, by cheating, he gave you only 80 pounds. So he charged you $1000/11 for 80 pounds. Think of a fruit vendor you go to to buy some peaches. He says the cost price of the peaches is $1 per pound. But he is willing to give you a discount of 9.09%. But instead of 100 pounds of peaches, he weighs only 80 pounds and gives you less. Though he charges you for 100 pounds. How much does he charge? 9.09% less than 100 pounds i.e. 1/11 less than 100 pounds i.e. 10/11 * 100 pounds = 1000/11
Re: A man cheats while buying as well as while selling. While
[#permalink]
Show Tags
24 Jul 2014, 11:18
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11. (1 + m1%)(1 + m2%)(1 - d%) = (1 + p%) 11/10 * 5/4 * 10/11 = (1 + p%) profit % = 25%
Re: A man cheats while buying as well as while selling. While
[#permalink]
Show Tags
24 Jul 2014, 20:53
1
GGMAT760 wrote:
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11. (1 + m1%)(1 + m2%)(1 - d%) = (1 + p%) 11/10 * 5/4 * 10/11 = (1 + p%) profit % = 25%
Re: A man cheats while buying as well as while selling. While
[#permalink]
Show Tags
25 Jul 2014, 02:09
VeritasPrepKarishma wrote:
GGMAT760 wrote:
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11. (1 + m1%)(1 + m2%)(1 - d%) = (1 + p%) 11/10 * 5/4 * 10/11 = (1 + p%) profit % = 25%
Re: A man cheats while buying as well as while selling. While
[#permalink]
Show Tags
08 Oct 2015, 04:27
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11.
Re: A man cheats while buying as well as while selling. While
[#permalink]
Show Tags
08 Oct 2015, 21:43
anik19890 wrote:
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11.
can you please clear about (1+m2)= 5/4?? i can not understand fro m where did u get this.
There are two mark ups in this question - the first mark up of 10% (he takes 110 pounds for which he will get $110 though he pays only $100 for it - that is a 10% mark up) - this gives you 1 + 10/100 = 11/10 the second mark up of 25% (he gives only 80 pounds for which he had paid $80 but charges $100 for it - the markup of $20 on $80 cost price is a 25% mark up) - this gives you (1 + 25/100) = 5/4
_________________
Karishma Veritas Prep GMAT Instructor
Learn more about how Veritas Prep can help you achieve a great GMAT score by checking out their GMAT Prep Options >
GMAT self-study has never been more personalized or more fun. Try ORION Free!
The question says that he takes 10% more than what he pays for. This means that if he pays $100 for 100 gms, but takes 110 gms instead. So the cost price is actually 100/110 per gram = $90.9 per 100 gms Cheated cost price is not 110. It is 90.9
Similarly, think about selling price too.
_________________
Karishma Veritas Prep GMAT Instructor
Learn more about how Veritas Prep can help you achieve a great GMAT score by checking out their GMAT Prep Options >
GMAT self-study has never been more personalized or more fun. Try ORION Free!
Re: A man cheats while buying as well as while selling. While
[#permalink]
Show Tags
13 Nov 2016, 13:45
[quote="VeritasPrepKarishma"]Responding to a pm:
A man cheats while buying as well as while selling. While buying he takes 10% more than what he pays for and while selling he gives 20% less than what he claims to. Find the profit percent, if he sells at 9.09% below the cost price of the claimed weight.
Options:
A. 19.81%
B. 20%
C. 37.5%
D. 25%
E. 37.5%
he makes a profit on buying and a profit from selling and he gives a fake discount
profit on buying
if 1 buys 1.1 then 1000/11 buys 1
100%-1000/11% = 100/11% = 9.09% approx
profit on selling ( form cheating) by decreasing weight by 20%
Re: A man cheats while buying as well as while selling. While
[#permalink]
Show Tags
21 Jan 2017, 19:12
VeritasPrepKarishma wrote:
Responding to a pm:
A man cheats while buying as well as while selling. While buying he takes 10% more than what he pays for and while selling he gives 20% less than what he claims to. Find the profit percent, if he sells at 9.09% below the cost price of the claimed weight.
Options:
A. 19.81%
B. 20%
C. 37.5%
D. 25%
E. 37.5%
In weight questions, try to go one step at a time. Say the man buys 100 pounds for $100. But he cheats and takes 110 pounds. This means HIS cost price is $10/11 per pound. While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. So he sells at 10/11 * 100 = 1000/11 HIS cost price for 80 pounds = 10/11 * 80 = 800/11 HIS selling price for 80 pounds = 1000/11
Profit = (1000/11 - 800/11)/800/11 * 100 = 25%
Option C and E are the same. You should edit them.
Concentration: Entrepreneurship, International Business
GMAT 1: 690 Q42 V42
Re: A man cheats while buying as well as while selling. While
[#permalink]
Show Tags
21 Jan 2017, 23:40
It helps to know the fractional equivalents. One can then proceed by taking convenient numbers. So, say the man paid for 1000 units and got 1100 units. His CP=10/11. Now he claims to sell 1100 units but only sells 880 units (20% less) and at a price 1/11th less (9.09%). So his SP is 1000, while he's incurring a cost of 880*10/11=800. So his overall profit= (1000-800)/800=1/4=25%.
_________________
In the pursuit of a better GMAT score. You can help me by giving me kudos if you like my post.
A man cheats while buying as well as while selling. While buying he takes 10% more than what he pays for and while selling he gives 20% less than what he claims to. Find the profit percent, if he sells at 9.09% below the cost price of the claimed weight.
Options:
A. 19.81%
B. 20%
C. 37.5%
D. 25%
E. 37.5%
In weight questions, try to go one step at a time. Say the man buys 100 pounds for $100. But he cheats and takes 110 pounds. This means HIS cost price is $10/11 per pound. While giving 100 pounds, he actually gives only 80 pounds and charges 9.09% less i.e. 1/11 less than the cost price of 100 pounds which is $100. So he sells at 10/11 * 100 = 1000/11 HIS cost price for 80 pounds = 10/11 * 80 = 800/11 HIS selling price for 80 pounds = 1000/11
A man cheats while buying as well as while selling. While
[#permalink]
Show Tags
26 Feb 2017, 21:13
See it this way
When the merchant buys material
what he pays for - 100 gm what he actually gets - 110 gm
when merchant sells what he charges for - 100 gm what he gives - 80 gm of material
So in a single transaction he buys 110 gm for a certain amount and sells 80 for the same amount. The difference 110-80 is what accounts for his profit.This is without considering the discount he gives
Now if i consider the discount also discount is 9.09%
suppose cost per unit is X
for 91x he sold 80 gm for 100x he will sell (80/91) * 100 = 88gm
So he bought 110 gm for certain amount and sold 88 gm for the same amount so his net gain is 110-88 =22gm so for 88 gm sold he made 22gm profit
Re: A man cheats while buying as well as while selling. While
[#permalink]
Show Tags
01 Mar 2017, 19:02
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11.
Re: A man cheats while buying as well as while selling. While
[#permalink]
Show Tags
26 May 2017, 01:31
1
VeritasPrepKarishma wrote:
There is a one step calculation method too. It requires more thought but is faster. The man takes 10% more than what he pays for. So if he claims to take 100 pounds, he pays $100 but he actually takes 110 pounds for which he will take from the customer $110. Hence, in effect, there is a 10% mark up. While selling, he sells 20% less. This means, he claims to sell 100 pounds and gets $100 but actually sells only 80 pounds and should have got only $80 for it. So this is again a mark up of $20 on $80 which is 25%. But he also sells at 9.09% less i.e. gives a discount of 1/11.
close
51% (02:45) correct 
