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A shopkeeper sells a certain commodity with a profit of 30 percent on

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A shopkeeper sells a certain commodity with a profit of 30 percent on  [#permalink]

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New post 24 Sep 2018, 05:44
00:00
A
B
C
D
E

Difficulty:

  35% (medium)

Question Stats:

70% (01:32) correct 30% (01:47) wrong based on 37 sessions

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A shopkeeper sells a certain commodity with a profit of 30 percent on the cost of the commodity. If the selling price were increased by $100, it would yield a profit of 40 percent of the commodity’s cost. What was the initial selling price of the commodity?

(A) $1000
(B) $1200
(C) $1300
(D) $1400
(E) $1800

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Re: A shopkeeper sells a certain commodity with a profit of 30 percent on  [#permalink]

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New post 24 Sep 2018, 20:01
1
Bunuel wrote:
A shopkeeper sells a certain commodity with a profit of 30 percent on the cost of the commodity. If the selling price were increased by $100, it would yield a profit of 40 percent of the commodity’s cost. What was the initial selling price of the commodity?

(A) $1000
(B) $1200
(C) $1300
(D) $1400
(E) $1800


Let cost = C

Selling price = 1.3C

1.3C + 100 = 1.4C
i.e. 0.1C = 100
i.e. C = 1000

i.e. Initial Selling price = 1.3C = 1300

Answer: Option C
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Re: A shopkeeper sells a certain commodity with a profit of 30 percent on  [#permalink]

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New post 25 Sep 2018, 00:22
cp : sp
100:130

new ratio
cp :sp
100:140
difference is 10 so
100/10 = 10 is multiplying factor
hence
sp = 130*10
1300
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Re: A shopkeeper sells a certain commodity with a profit of 30 percent on  [#permalink]

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New post 09 Oct 2019, 20:43
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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Re: A shopkeeper sells a certain commodity with a profit of 30 percent on   [#permalink] 09 Oct 2019, 20:43
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