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06 Nov 2019, 06:33
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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 Are You Up For the Challenge: 700 Level Questions _________________ VP Joined: 19 Oct 2018 Posts: 1295 Location: India Re: A shopkeeper purchased footballs at$10 per football and sold them at  [#permalink]

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06 Nov 2019, 08:39
1
Assume SP of the football=x

$$10+\frac{x}{10}=x$$

x=$$\frac{100}{9}$$

Profit= $$\frac{10}{9}$$=1.11

Bunuel 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 Are You Up For the Challenge: 700 Level Questions GMAT Club Legend Joined: 18 Aug 2017 Posts: 5730 Location: India Concentration: Sustainability, Marketing GPA: 4 WE: Marketing (Energy and Utilities) Re: A shopkeeper purchased footballs at$10 per football and sold them at  [#permalink]

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06 Nov 2019, 09:07
CP = 10$SP = x x= 10+10*x/100 x= 100/9 profit = 100/9-10 ; 10/9 ; 1.11 IMO C Bunuel 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

Are You Up For the Challenge: 700 Level Questions
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Re: A shopkeeper purchased footballs at $10 per football and sold them at [#permalink] ### Show Tags 07 Nov 2019, 19:52 1 Bunuel 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

Are You Up For the Challenge: 700 Level Questions

The markup is the difference between the selling price and the purchase price. If we let the selling price be p, we can create the equation:

p - 10 = 0.1p

0.9p = 10

p = 10/0.9 = 100/9 ≈ 11.11

Thus, the profit is approximately 11.11 - 10 = $1.11. Answer: C _________________ # Scott Woodbury-Stewart Founder and CEO Scott@TargetTestPrep.com 181 Reviews 5-star rated online GMAT quant self study course See why Target Test Prep is the top rated GMAT quant course on GMAT Club. Read Our Reviews If you find one of my posts helpful, please take a moment to click on the "Kudos" button. Manager Joined: 20 Aug 2017 Posts: 104 Re: A shopkeeper purchased footballs at$10 per football and sold them at  [#permalink]

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20 Nov 2019, 02:29
Bunuel 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 Are You Up For the Challenge: 700 Level Questions assume markup = x. SP = 10 + x. now we are given, x = $$\frac{1}{10}$$(10+x) we get 9x = 10 and x = 10/9. Hence, the markup becomes 1.11 which is the profit on each football. OA - C Re: A shopkeeper purchased footballs at$10 per football and sold them at   [#permalink] 20 Nov 2019, 02:29
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