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

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A retailer sold an appliance for 30 percent above cost, which represen  [#permalink]

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New post 08 Dec 2015, 23:05
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A
B
C
D
E

Difficulty:

  25% (medium)

Question Stats:

68% (01:04) correct 32% (01:06) wrong based on 90 sessions

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Director
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Re: A retailer sold an appliance for 30 percent above cost, which represen  [#permalink]

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New post 08 Dec 2015, 23:32
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
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Re: A retailer sold an appliance for 30 percent above cost, which represen  [#permalink]

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New post 09 Dec 2015, 01:17
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).
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Re: A retailer sold an appliance for 30 percent above cost, which represen  [#permalink]

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New post 09 Dec 2015, 22:22
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:

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Re: A retailer sold an appliance for 30 percent above cost, which represen  [#permalink]

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New post 09 Mar 2016, 01:32
1
100%+30%=130%
30%=21$

(130/30)*21=91

E
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Re: A retailer sold an appliance for 30 percent above cost, which represen  [#permalink]

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New post 09 Mar 2016, 03:41
Bunuel wrote:
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


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.
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Re: A retailer sold an appliance for 30 percent above cost, which represen  [#permalink]

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New post 20 Jun 2018, 21:03
Bunuel wrote:
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 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,
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Re: A retailer sold an appliance for 30 percent above cost, which represen  [#permalink]

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New post 20 Jun 2018, 23:52
2

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
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Re: A retailer sold an appliance for 30 percent above cost, which represen  [#permalink]

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Re: A retailer sold an appliance for 30 percent above cost, which represen   [#permalink] 28 Nov 2019, 15:16
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