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Math Revolution GMAT Instructor
Joined: 16 Aug 2015
Posts: 8251
GMAT 1: 760 Q51 V42
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21 Nov 2019, 01:58
00:00

Difficulty:

35% (medium)

Question Stats:

72% (02:36) correct 28% (03:00) wrong based on 25 sessions

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[GMAT math practice question]

A shop buys items and sells them with adding 40% of the buying price. When the shop sells the items with $$50$$ discount each, it makes a $$300$$ profit per item. What is the selling price?

A. $$1155$$

B. $$1225$$

C. $$1355$$

D. $$1455$$

E. $$1555$$

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MathRevolution: Finish GMAT Quant Section with 10 minutes to spare
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"Only $79 for 1 month Online Course" "Free Resources-30 day online access & Diagnostic Test" "Unlimited Access to over 120 free video lessons - try it yourself" Intern Joined: 22 Oct 2018 Posts: 13 Re: A shop buys items and sells them with adding 40% of the buying price. [#permalink] Show Tags 21 Nov 2019, 20:09 1 I really don't understand this problem Manager Joined: 16 Feb 2015 Posts: 160 Location: United States Concentration: Finance, Operations Schools: INSEAD, ISB Re: A shop buys items and sells them with adding 40% of the buying price. [#permalink] Show Tags 21 Nov 2019, 20:36 SiddharthR wrote: I really don't understand this problem The question has a mistake. it's 40 % of the buying price, not 40. It's a display error. Please give kudos!! Manager Joined: 16 Feb 2015 Posts: 160 Location: United States Concentration: Finance, Operations Schools: INSEAD, ISB Re: A shop buys items and sells them with adding 40% of the buying price. [#permalink] Show Tags Updated on: 21 Nov 2019, 21:56 1 MathRevolution wrote: [GMAT math practice question] Editing the question: A shop buys items and sells them with adding 40% of the buying price. When the shop sells the items with $$50$$ discount each, it makes a $$300$$ profit per item. What is the difference between the buying price and the selling price? Find the Selling Price? A. $$1155$$ B. $$1225$$ C. $$1355$$ D. $$1455$$ E. $$1555$$ Explanation: Let C.P=X (which is buying price) S.P= 1.4X (S.P-C.P) - Discount = Profit (1.4X-X) - 50 = 300 0.4X=350 X=875. therefore, 875+350 = 1225$--- Answer B

Originally posted by rajatchopra1994 on 21 Nov 2019, 20:55.
Last edited by rajatchopra1994 on 21 Nov 2019, 21:56, edited 1 time in total.
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Joined: 24 Jan 2019
Posts: 4

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21 Nov 2019, 21:43
Shouldn't this question ask "What is the selling price?"

Doesn't the question "What is the difference between the buying price and the selling price?" imply $1225 (selling price) -$875 (buying price) = $350? Perhaps I am misunderstanding something Manager Joined: 16 Feb 2015 Posts: 160 Location: United States Concentration: Finance, Operations Schools: INSEAD, ISB Re: A shop buys items and sells them with adding 40% of the buying price. [#permalink] Show Tags 21 Nov 2019, 21:55 1 jnootenboom wrote: Shouldn't this question ask "What is the selling price?" Doesn't the question "What is the difference between the buying price and the selling price?" imply$1225 (selling price) - $875 (buying price) =$350?

Perhaps I am misunderstanding something

Yes, you are right. Already made a complaint with Bunuel. hope he will edit the Question soon.
Math Expert
Joined: 02 Sep 2009
Posts: 59674

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22 Nov 2019, 00:47
MathRevolution wrote:
[GMAT math practice question]

A shop buys items and sells them with adding 40% of the buying price. When the shop sells the items with $$50$$ discount each, it makes a $$300$$ profit per item. What is the difference between the buying price and the selling price?

A. $$1155$$

B. $$1225$$

C. $$1355$$

D. $$1455$$

E. $$1555$$

____________________
Fixed the typo.
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Joined: 18 Aug 2017
Posts: 5474
Location: India
Concentration: Sustainability, Marketing
GPA: 4
WE: Marketing (Energy and Utilities)

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22 Nov 2019, 00:57
CP = x
SP = 1.4x
given
1.4x-50-x = 300
x= 875
so SP ; 1.4*875 ; 1225
IMO B

MathRevolution wrote:
[GMAT math practice question]

A shop buys items and sells them with adding 40% of the buying price. When the shop sells the items with $$50$$ discount each, it makes a $$300$$ profit per item. What is the difference between the buying price and the selling price?

A. $$1155$$

B. $$1225$$

C. $$1355$$

D. $$1455$$

E. $$1555$$
Math Revolution GMAT Instructor
Joined: 16 Aug 2015
Posts: 8251
GMAT 1: 760 Q51 V42
GPA: 3.82

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24 Nov 2019, 19:21
=>

Assume $$b$$ and $$s$$ are the buying price and the selling price, respectively.

We have $$1.4b – 50 = b + 300$$ or $$0.4b = 350.$$

Then we have $$b= 875$$ and $$s = 875 + 0.4(875) = 1225.$$

_________________
MathRevolution: Finish GMAT Quant Section with 10 minutes to spare
The one-and-only World’s First Variable Approach for DS and IVY Approach for PS with ease, speed and accuracy.
"Only \$79 for 1 month Online Course"
"Free Resources-30 day online access & Diagnostic Test"
"Unlimited Access to over 120 free video lessons - try it yourself"
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