A retailer sold an appliance for 30 percent above cost, which represen

Question

A retailer sold an appliance for 30 percent above cost, which represented a gross profit of $21.00. For what price did the retailer sell the appliance?

(A) $27.30
(B) $51.00
(C) $63.00
(D) $70.00
(E) $91.00

CounterSniper · Answer

let the cost price be x
now 30% above cost price gives a profit of $21 
therefore,
selling price =1.3x
since
sp-cp=profit
we have
1.3x-x=21
x=210/3=$70

selling price =$91

MathRevolution · Answer

Forget conventional ways of solving math questions. In PS, IVY approach is the easiest and quickest way to find the answer.

A retailer sold an appliance for 30 percent above cost, which represented a gross profit of $21.00. For what price did the retailer sell the appliance?

(A) $27.30
(B) $51.00
(C) $63.00
(D) $70.00
(E) $91.00

Let the cost be A. Then the selling price is A+0.3*A. 
So the profit is 0.3 * A.
0.3*A=21 ---> A=70. 
So the selling price is 70+21=91.

The answer is (E).

EMPOWERgmatRichC · Answer

Hi All,

This question can be solved in a couple of different ways. Here's how you would set it up algebraically:

X = cost of appliance

1.3X = sell price

Gross Profit = sell price - cost = 1.3X - X = $21.00

.3X = $21.00 
3X = $210.00 
X = $70

Sell Price = (1.3)(70) = $91

Final Answer:  E

GMAT assassins aren't born, they're made, 
Rich

Temurkhon · Answer

100%+30%=130%
30%=21$

(130/30)*21=91

E

sowragu · Answer

Easy approach, which will work most of the time for % problems.

30% -- 21

30/3 = 10% -- 21/3=7

10% = 7 ==> 130% = 13*7 = 91

IMO E.

GyMrAT · Answer

Let C be the cost price of the appliance, hence Selling price = 1.3C

Profit earned = 1.3C - C = 21

Therefore C = $70 & Selling Price = 1.3 * 70 = $91

Answer E.

Thanks,
GyM

EgmatQuantExpert · Answer

Solution

Given:

• The retailer sold the appliance at 30 percent above the cost price.
• The gross profit of the retailer is $21.

To find:

• At what price did retailer sell the appliance.

Approach and Working:

He sold the appliance at 30% above the cost price. 
 • Hence, the gross profit he made is 30% of the cost price which is equal to $21.
 o Thus, 21= 30/100* CP
o CP=$70
  Hence Selling price of the retailer= 70+21= $91.

Hence, the correct answer is option E.

Answer: E

ScottTargetTestPrep · Answer

Solution: 
 
We can let x = the cost of the appliance, and create the equation:

Revenue - Cost = Profit

1.3x - x = 21

0.3x = 21

x = 21/0.3 = 210/3 = 70

Since the selling price (or revenue) of the appliance is 1.3x, the selling price is 1.3(70) = $91.

Answer: E

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