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10 Jan 2024, 02:30
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B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
35%
(medium)
Question Stats:
78% (02:34) correct
22%
(02:38)
wrong
based on 123
sessions
History
Date
Time
Result
Not Attempted Yet
A shop purchases items and sells them by adding 40% to the purchase price. When the shop offers a discount of $50 on each item, it earns a profit of $300 per item. What is the selling price?
A. $1155
B. $1225
C. $1355
D. $1455
E. $1555
A. $1155
B. $1225
C. $1355
D. $1455
E. $1555
Updated on: 10 Jan 2024, 10:53
Originally posted by GmatMaestro on 10 Jan 2024, 03:19.
Last edited by GmatMaestro on 10 Jan 2024, 10:53, edited 1 time in total.
Last edited by GmatMaestro on 10 Jan 2024, 10:53, edited 1 time in total.
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Define the variables:
P= Purchase Price
S= Selling Price
Translate the background information into equations:
S = P + (40/100)P (A shop purchases items and sells them by adding 40% to the purchase price.)
S - 50 = P + 300 (When the shop offers a discount of $50 on each item, it earns a profit of $300 per item.)
Simplify the equations:
S = 1.4P
S = P + 350
Solve the system of equations using substitution:
1.4P = P + 350
.4P = 350
P = (350/.4)
P = 875 (on the real GMAT, this would be one of the trap answers)
Substitute and solve for the question actually being asked (S):
S = 875 + 350
S = 1225
Answer: B
P= Purchase Price
S= Selling Price
Translate the background information into equations:
S = P + (40/100)P (A shop purchases items and sells them by adding 40% to the purchase price.)
S - 50 = P + 300 (When the shop offers a discount of $50 on each item, it earns a profit of $300 per item.)
Simplify the equations:
S = 1.4P
S = P + 350
Solve the system of equations using substitution:
1.4P = P + 350
.4P = 350
P = (350/.4)
P = 875 (on the real GMAT, this would be one of the trap answers)
Substitute and solve for the question actually being asked (S):
S = 875 + 350
S = 1225
Answer: B
10 Jan 2024, 10:42
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Bunuel
OA is B
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