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A trader’s profit in 2002 was 20 percent greater than its profit in 20

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A trader’s profit in 2002 was 20 percent greater than its profit in 20  [#permalink]

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New post 24 Sep 2018, 05:51
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E

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Question Stats:

89% (01:08) correct 11% (02:47) wrong based on 38 sessions

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Re: A trader’s profit in 2002 was 20 percent greater than its profit in 20  [#permalink]

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New post 24 Sep 2018, 06:37
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Bunuel wrote:
A trader’s profit in 2002 was 20 percent greater than its profit in 2001, and its profit in 2003 was 25 percent greater than its profit in 2002. The company’s profit in 2003 was what percent greater than its profit in 2001?

(A) 5%
(B) 45%
(C) 46%
(D) 48%
(E) 50%


Le'ts assign a nice value to the starting profit (in 2001)
Let's say $100 = profit in 2001

A trader’s profit in 2002 was 20 percent greater than its profit in 2001
So, the 2002 profit = 20% more than the 2001 profit
= $120

Profit in 2003 was 25 percent greater than its profit in 2002
So, the 2003 profit = 25% more than the 2002 profit
= $150

The company’s profit in 2003 was what percent greater than its profit in 2001?
In other words, $150 is what percent greater than $100?
$150 is 50% greater than $100

Answer: E

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Re: A trader’s profit in 2002 was 20 percent greater than its profit in 20  [#permalink]

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New post 24 Sep 2018, 09:08
Bunuel wrote:
A trader’s profit in 2002 was 20 percent greater than its profit in 2001, and its profit in 2003 was 25 percent greater than its profit in 2002. The company’s profit in 2003 was what percent greater than its profit in 2001?

(A) 5%
(B) 45%
(C) 46%
(D) 48%
(E) 50%


Let P=Profit in 2001
2002 Profit=1.2P
2003 Profit=1.2P*1.25=1.5P
(1.5P-P)/P=50%

Answer Choice: E
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Re: A trader’s profit in 2002 was 20 percent greater than its profit in 20  [#permalink]

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New post 27 Sep 2018, 17:24
Bunuel wrote:
A trader’s profit in 2002 was 20 percent greater than its profit in 2001, and its profit in 2003 was 25 percent greater than its profit in 2002. The company’s profit in 2003 was what percent greater than its profit in 2001?

(A) 5%
(B) 45%
(C) 46%
(D) 48%
(E) 50%


We can let the profit in 2001 = n; thus, the profit in 2003, in terms of n, is:

n x 1.2 x 1.25 = 1.5n

We see that the percent increase was 50%.

Answer: E
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Re: A trader’s profit in 2002 was 20 percent greater than its profit in 20   [#permalink] 27 Sep 2018, 17:24
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