GMAT Question of the Day - Daily to your Mailbox; hard ones only

 It is currently 17 Jan 2019, 23:53

### GMAT Club Daily Prep

#### 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

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

## Events & Promotions

###### Events & Promotions in January
PrevNext
SuMoTuWeThFrSa
303112345
6789101112
13141516171819
20212223242526
272829303112
Open Detailed Calendar
• ### The winning strategy for a high GRE score

January 17, 2019

January 17, 2019

08:00 AM PST

09:00 AM PST

Learn the winning strategy for a high GRE score — what do people who reach a high score do differently? We're going to share insights, tips and strategies from data we've collected from over 50,000 students who used examPAL.
• ### Free GMAT Strategy Webinar

January 19, 2019

January 19, 2019

07:00 AM PST

09:00 AM PST

Aiming to score 760+? Attend this FREE session to learn how to Define your GMAT Strategy, Create your Study Plan and Master the Core Skills to excel on the GMAT.

# A retailer shop's gross profit on a camera was 10 percent of the cost

 new topic post reply Question banks Downloads My Bookmarks Reviews Important topics
Author Message
TAGS:

### Hide Tags

General GMAT Forum Moderator
Joined: 29 Jan 2015
Posts: 1091
Location: India
WE: General Management (Non-Profit and Government)
A retailer shop's gross profit on a camera was 10 percent of the cost  [#permalink]

### Show Tags

18 Jun 2018, 08:25
1
1
00:00

Difficulty:

25% (medium)

Question Stats:

82% (01:51) correct 18% (02:03) wrong based on 39 sessions

### HideShow timer Statistics

A retailer shop's gross profit on a camera was 10 percent of the cost of the camera. If the store increase the selling price of the camera from $440 to$460 and the cost of the camera remained the same, then the shop's gross profit on the camera after the price increase was what percent of the cost of the camera?

(A) 11%
(B) 12.5%
(C) 13%
(D) 15%
(E) 16.67%

_________________

If you liked my post, kindly give me a Kudos. Thanks.

Senior SC Moderator
Joined: 22 May 2016
Posts: 2344
A retailer shop's gross profit on a camera was 10 percent of the cost  [#permalink]

### Show Tags

18 Jun 2018, 08:52
rohan2345 wrote:
A retailer shop's gross profit on a camera was 10 percent of the cost of the camera. If the store increase the selling price of the camera from $440 to$460 and the cost of the camera remained the same, then the shop's gross profit on the camera after the price increase was what percent of the cost of the camera?

(A) 11%
(B) 12.5%
(C) 13%
(D) 15%
(E) 16.67%

Because we have only two prices and cost does not change, we must assume that the first price of $440 is the one in which profit = 10% of cost ($440 yields cost)

Profit = TR - TC
Profit also = 0.10 C. Put this term on LHS
So $$.10C = TR - TC$$
$$1.10C = TR$$

for the initial sell price before the increase

1) First sell price (TR) yields the cost
Sell price = TR = $440 From above: $$TR = 1.10C$$ $$440 = 1.1 C$$ $$C = 400$$ Cost does not change. 2) New sell price (the increase) =$460
TR - TC = Profit
Profit: $$(460 - 400) = 60$$

3) Profit ($60) from new sell price is what percent of cost ($400)?

$$\frac{60}{400}*100= (.15*100) = 15$$ %

_________________

Never look down on anybody unless you're helping them up.
--Jesse Jackson

Director
Joined: 31 Oct 2013
Posts: 951
Concentration: Accounting, Finance
GPA: 3.68
WE: Analyst (Accounting)
Re: A retailer shop's gross profit on a camera was 10 percent of the cost  [#permalink]

### Show Tags

29 Sep 2018, 19:11
rohan2345 wrote:
A retailer shop's gross profit on a camera was 10 percent of the cost of the camera. If the store increase the selling price of the camera from $440 to$460 and the cost of the camera remained the same, then the shop's gross profit on the camera after the price increase was what percent of the cost of the camera?

(A) 11%
(B) 12.5%
(C) 13%
(D) 15%
(E) 16.67%

old selling price: 440

New selling price : 460

(440/120)*100 = 400 = cost price

Profit after increasing the selling price 440 to 460 : 60 - 400 = 60

profit % : (60 / 400)*100 = 15%.

The best answer is D.
Re: A retailer shop's gross profit on a camera was 10 percent of the cost &nbs [#permalink] 29 Sep 2018, 19:11
Display posts from previous: Sort by

# A retailer shop's gross profit on a camera was 10 percent of the cost

 new topic post reply Question banks Downloads My Bookmarks Reviews Important topics

 Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.