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

 It is currently 18 Dec 2018, 03:24

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 December
PrevNext
SuMoTuWeThFrSa
2526272829301
2345678
9101112131415
16171819202122
23242526272829
303112345
Open Detailed Calendar
• Happy Christmas 20% Sale! Math Revolution All-In-One Products!

December 20, 2018

December 20, 2018

10:00 PM PST

11:00 PM PST

This is the most inexpensive and attractive price in the market. Get the course now!
• Key Strategies to Master GMAT SC

December 22, 2018

December 22, 2018

07:00 AM PST

09:00 AM PST

Attend this webinar to learn how to leverage Meaning and Logic to solve the most challenging Sentence Correction Questions.

Show Tags

07 Dec 2017, 17:44
00:00

Difficulty:

55% (hard)

Question Stats:

68% (01:48) correct 32% (02:11) wrong based on 45 sessions

HideShow timer Statistics

A shopkeeper purchased footballs at $10 per football and sold them at a price equal to the purchase price plus a markup. If the markup was 10% of the selling price, what was the shopkeeper's profit in dollars, to the nearest cent, on each football? A. 0.90 B. 1.00 C. 1.11 D. 2.00 E. 11.11 Manager Joined: 23 Oct 2017 Posts: 64 Re: A shopkeeper purchased footballs at$10 per football  [#permalink]

Show Tags

07 Dec 2017, 18:48
anhht13 wrote:
A shopkeeper purchased footballs at $10 per football and sold them at a price equal to the purchase price plus a markup. If the markup was 10% of the selling price, what was the shopkeeper's profit in dollars, to the nearest cent, on each football? A. 0.90 B. 1.00 C. 1.11 D. 2.00 E. 11.11 => Answer is C. Purchase price = 10; let Markup by x; SP = 10 + x; given: x = 10%(of SP); on solving x = 10/9 Profit = SP - Purchase Price = 10 + x- 10 = x =10/9 =1.11 A potential source of error could be when you take markup as 10 % of 10 Senior SC Moderator Joined: 22 May 2016 Posts: 2222 A shopkeeper purchased footballs at$10 per football  [#permalink]

Show Tags

09 Dec 2017, 11:45
anhht13 wrote:
A shopkeeper purchased footballs at $10 per football and sold them at a price equal to the purchase price plus a markup. If the markup was 10% of the selling price, what was the shopkeeper's profit in dollars, to the nearest cent, on each football? A. 0.90 B. 1.00 C. 1.11 D. 2.00 E. 11.11 "Purchase price" and "selling price" could confuse. BOTH often mean what the last buyer has to pay. But here "purchase price" = "cost price (CP)" Rewrite: He paid$10 per football. He sold each football at a price equal to what he paid plus 10 percent of the selling price (SP). Selling price, SP, is on both sides of the equation, because markup = (.10)SP, see #3

1) Selling Price = Cost Price + markup

2) SP = CP + markup

3) SP = $10 + (.10)SP 4) (.90)SP =$10

5*) SP = $$(\frac{10}{.90}) \approx{11.11}$$

6) Profit per football:
(SP - CP) = ($11.11 -$10.00) = $1.11 Answer C *This arithmetic can also be SP = CP + markup SP = $$10 + \frac{1}{10}SP$$ $$\frac{9}{10}$$SP = $$10$$ SP$$=(\frac{10}{9})10$$ SP $$\approx{11.11}$$ A shopkeeper purchased footballs at$10 per football &nbs [#permalink] 09 Dec 2017, 11:45
Display posts from previous: Sort by

A shopkeeper purchased footballs at \$10 per football

 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®.