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A reseller bought a vintage floor lamp at a weekend flea market and later sold it online. What was the reseller’s profit percentage?
(1) If the reseller had sold the lamp for $24 more than the actual selling price, the profit would have been 100% greater than the actual profit
(2) If the reseller had sold the lamp for three times the actual selling price, the profit would have been 300% greater than the actual profit.
(1) If the reseller had sold the lamp for $24 more than the actual selling price, the profit would have been 100% greater than the actual profit
(2) If the reseller had sold the lamp for three times the actual selling price, the profit would have been 300% greater than the actual profit.
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23 Apr 2026, 02:45
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GMAT Club Official Solution:
A reseller bought a vintage floor lamp at a weekend flea market and later sold it online. What was the reseller’s profit percentage?
(1) If the reseller had sold the lamp for $24 more than the actual selling price, the profit would have been 100% greater than the actual profit
Since increasing the selling price by $24 would double the profit, the actual profit was $24. We do not know it. Not sufficient.
(2) If the reseller had sold the lamp for three times the actual selling price, the profit would have been 300% greater than the actual profit.
Let the actual selling price be y and the purchase price be x.
Then the actual profit is y - x.
If the reseller had sold the lamp for three times the actual selling price, the profit would have been 3y - x.
The statement says this would have been 300% greater than the actual profit, which means it would have been 4 times the actual profit.
So:
3y - x = 4(y - x)
3y - x = 4y - 4x
3x = y
So the selling price was 3 times the purchase price.
Therefore, the actual profit was 3x - x = 2x, which is 200% of the purchase price.
Sufficient.
Answer: B.
A reseller bought a vintage floor lamp at a weekend flea market and later sold it online. What was the reseller’s profit percentage?
(1) If the reseller had sold the lamp for $24 more than the actual selling price, the profit would have been 100% greater than the actual profit
Since increasing the selling price by $24 would double the profit, the actual profit was $24. We do not know it. Not sufficient.
(2) If the reseller had sold the lamp for three times the actual selling price, the profit would have been 300% greater than the actual profit.
Let the actual selling price be y and the purchase price be x.
Then the actual profit is y - x.
If the reseller had sold the lamp for three times the actual selling price, the profit would have been 3y - x.
The statement says this would have been 300% greater than the actual profit, which means it would have been 4 times the actual profit.
So:
3y - x = 4(y - x)
3y - x = 4y - 4x
3x = y
So the selling price was 3 times the purchase price.
Therefore, the actual profit was 3x - x = 2x, which is 200% of the purchase price.
Sufficient.
Answer: B.
General Discussion
16 Apr 2026, 23:06
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This is a classic case of cancelling out numerator and denominator.
Statement 1:
24 more than something and once the equation is formed for profit you will notice 24 will not be cancelled out.
INSUFFICIENT.
Statement 2:
We have ratios here which always do get cancelled out while finding the profit percentages.
SUFFICIENT.
Answer: Option B
Statement 1:
24 more than something and once the equation is formed for profit you will notice 24 will not be cancelled out.
INSUFFICIENT.
Statement 2:
We have ratios here which always do get cancelled out while finding the profit percentages.
SUFFICIENT.
Answer: Option B
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