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A merchant gets a 5% discount on each meter of fabric he buys after th

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A merchant gets a 5% discount on each meter of fabric he buys after th  [#permalink]

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New post 14 Jun 2016, 02:21
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Question Stats:

82% (02:37) correct 18% (03:27) wrong based on 60 sessions

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A merchant gets a 5% discount on each meter of fabric he buys after the first 2,000 meters and a 7% discount on every meter after the next 1,500 meters. The price, before discount, of one meter of fabric is $2, what is the total amount of money the merchant spends on 4,500 meters of fabric?

A. $8,617
B. $8,710
C. $8,810
D. $8,835
E. $8,915

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A merchant gets a 5% discount on each meter of fabric he buys after th  [#permalink]

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New post 14 Jun 2016, 06:41
for first 2000 metres he does not get any discount
amount = 2*2000 = $4000
for next 1500 metres he gets 5% discount
amount = 2*1500 - (1/20)*3000 = $2850
for the nest 1000 metres he gets 7% discount
amount = 2*1000 - 7*20 = $1860

total amount = $4000 + $2850 + $1860 = $8710
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Re: A merchant gets a 5% discount on each meter of fabric he buys after th  [#permalink]

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New post 14 Jun 2016, 14:59
How do we know the rates are not cumulative?

Discounts:
1. After the 1st 2,000 mts, discounted $ = (4,500-2,000)*0.07
2. After the next 1,500 mts, discounted $ = (4,500-2,000-1,500)*0.05

total cost = (4,500*2)-(Discounts)=9,000 - 285 = 9715

Not an option and I have lost time so I went for fluke! :oops:
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Re: A merchant gets a 5% discount on each meter of fabric he buys after th  [#permalink]

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New post 02 Oct 2018, 18:48
narmadadhruv wrote:
How do we know the rates are not cumulative?

Discounts:
1. After the 1st 2,000 mts, discounted $ = (4,500-2,000)*0.07
2. After the next 1,500 mts, discounted $ = (4,500-2,000-1,500)*0.05

total cost = (4,500*2)-(Discounts)=9,000 - 285 = 9715

Not an option and I have lost time so I went for fluke! :oops:


It won't be cumulative because the discount rate gets divided between the bulk quantity. In other words, if you consider the cumulative discount,the 5% or 7% discount rate does not account to EACH meter but to the entire bulk,which therefore,leads to an overestimation of the cost.
Hope it helps.
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Re: A merchant gets a 5% discount on each meter of fabric he buys after th  [#permalink]

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New post 03 Oct 2018, 17:33
Bunuel wrote:
A merchant gets a 5% discount on each meter of fabric he buys after the first 2,000 meters and a 7% discount on every meter after the next 1,500 meters. The price, before discount, of one meter of fabric is $2, what is the total amount of money the merchant spends on 4,500 meters of fabric?

A. $8,617
B. $8,710
C. $8,810
D. $8,835
E. $8,915

The first 2000 meters cost 2000 x 2 = 4000 dollars.

The next 1500 meters cost 0.95 x 2 x 1500 = 2850 dollars.

The last 1000 meters cost 0.93 x 2 x 1000 = 1860 dollars.

So the total cost of the 4500 meters of fabric is 4000 + 2850 + 1860 = 8710 dollars.

Answer: B
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Re: A merchant gets a 5% discount on each meter of fabric he buys after th &nbs [#permalink] 03 Oct 2018, 17:33
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