NEW HERE? LEARN MORE
closeclose
It is currently 19 Apr 2024, 20:06
Register
GMAT Focus Tests
Decision Tracker
My Rewards
New posts
New comers' posts

Close
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
Your Progress

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
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Go to My Error Log Learn more
Close
Request Expert Reply
Confirm Cancel

A trader sold a cycle at a loss of 10%. If the selling price had been

12 posts Go to First Unread Post
Print view
NEW TOPIC
POST REPLY
Question banks

GMAT Question Banks

Downloads
My Bookmarks
Reviews
SORT BY:
Date
Kudos
User avatar
S
aveek86
Intern
Intern
Joined: 25 Jan 2016
Posts: 22
Location: India
Schools: IIMC IIMA Schulich Jan 18 Intake
GMAT 1: 680 Q50 V31
GPA: 3.5
WE:Engineering (Energy and Utilities)
GMAT ToolKit User
A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink] New post  23 Jun 2017, 13:57
15
Bookmarks
00:00
A
B
C
D
E

Difficulty:

25% (medium)

Question Stats:

79% (02:15) correct 21% (02:40) wrong based on 194 sessions
Hide Show timer Statistics
A trader sold a bike at a loss of 10%. If the selling price had been increased by $200, there would have been a gain of 6%. The cost price of the bike is

A) $1200
B) $1205
C) $1250
D) $1275
E) $1305
ShowHide Answer
Official Answer
Official Answer and Stats are available only to registered users. Register/Login.
Most Helpful Reply
User avatar
L
sashiim20
Director
Director
Joined: 04 Dec 2015
Posts: 620
Location: India
Concentration: Technology, Strategy
Schools: ISB '19 IIMB IIMA XLRI HEC Sept19 intake Rotman '21 NUS '21 NTU '20 Trinity MBA '20 Bocconi '21 Smurfit "21
WE:Information Technology (Consulting)
GMAT ToolKit User
Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink] New post  23 Jun 2017, 14:18
2
Kudos
3
Bookmarks
aveek86 wrote:
A trader sold a bike at a loss of 10%. If the selling price had been increased by $200, there would have been a gain of 6%. The cost price of the bike is

A) $1200
B) $1205
C) $1250
D) $1275
E) $1305


Let Cost price of bike be \(= x\)

Selling price of bike is at loss of 10% = 90% of x \(= \frac{90}{100} * x = 0.9x\)

If selling price had been increased by $200, would gain of 6% = 106% of x \(= 0.9x + 200 ==> \frac{106}{100} * x = 0.9x + 200\)

\(1.06x = 0.9x + 200\)

\(1.06x - 0.9x = 200\)

\(0.16x = 200\)

\(x = \frac{200}{0.16} = \frac{200 * 100}{16} = $1250\) . Answer (C)...
General Discussion
User avatar
L
pushpitkc
Senior PS Moderator
Joined: 26 Feb 2016
Posts: 2873
Location: India
GPA: 3.12
Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink] New post  23 Jun 2017, 14:18
1
Kudos
Went by options.

Started with C
If the price of bike is 1250$, the price after loss(10%) will be 1125$. However, if he sold the bike at 200$ more, the new price would be 1325, which is 6% of the cost (hence making it a gain)

Option C is our correct answer!

Method 2 (Algebraic method)

Let price of bike be x

.9x + 200 = 1.06x
200 = .16x
(200 * 100)/16 = x
x = 50*25 = 1250(Option C)
User avatar
P
Luckisnoexcuse
Current Student
Joined: 18 Aug 2016
Posts: 531
Concentration: Strategy, Technology
Schools: Kenan-Flagler '20 (M)
GMAT 1: 630 Q47 V29
GMAT 2: 740 Q51 V38
GMAT ToolKit User Reviews Badge
Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink] New post  23 Jun 2017, 14:23
1
Kudos
The question is 0.9x + 200 = 1.06x

On solving x is 1250
Hence C


Sent from my iPhone using GMAT Club Forum
_________________
We must try to achieve the best within us


Thanks
Luckisnoexcuse
Signature Read More
avatar
B
TheMastermind
Manager
Manager
Joined: 02 Feb 2016
Posts: 75
GMAT 1: 690 Q43 V41
Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink] New post  10 Aug 2017, 14:07
Can someone explain the basic concept of calculating gain or loss? Although it's apparently quite easy to understand, I still had difficulty in making sense of it in this question in terms of its calculation.
User avatar
L
KarishmaB
Tutor
Joined: 16 Oct 2010
Posts: 14815
Location: Pune, India
Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink] New post  11 Aug 2017, 00:36
2
Kudos
1
Bookmarks
Expert Reply
aveek86 wrote:
A trader sold a bike at a loss of 10%. If the selling price had been increased by $200, there would have been a gain of 6%. The cost price of the bike is

A) $1200
B) $1205
C) $1250
D) $1275
E) $1305


$200 is equivalent to 16% of the cost price because it converts 10% loss to 6% gain.
200 = (16/100)*Cost price
Cost price = $1250

Answer (C)
User avatar
L
KarishmaB
Tutor
Joined: 16 Oct 2010
Posts: 14815
Location: Pune, India
Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink] New post  11 Aug 2017, 00:43
Expert Reply
TheMastermind wrote:
Can someone explain the basic concept of calculating gain or loss? Although it's apparently quite easy to understand, I still had difficulty in making sense of it in this question in terms of its calculation.


Profit( or Loss) = Selling Price - Cost Price

Profit (or Loss) % = [Profit (or Loss) / Cost Price] * 100
avatar
B
verydisco
Intern
Intern
Joined: 20 May 2019
Posts: 19
Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink] New post  09 Apr 2020, 13:04
VeritasKarishma wrote:
aveek86 wrote:
A trader sold a bike at a loss of 10%. If the selling price had been increased by $200, there would have been a gain of 6%. The cost price of the bike is

A) $1200
B) $1205
C) $1250
D) $1275
E) $1305


$200 is equivalent to 16% of the cost price because it converts 10% loss to 6% gain.
200 = (16/100)*Cost price
Cost price = $1250

Answer (C)


Hi, could you please tell me how you arrived at the 16% value?
User avatar
B
aishu0091
Manager
Manager
Joined: 28 Jul 2020
Posts: 74
Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink] New post  14 Dec 2021, 22:30
I'd appreciate if this someone can confirm if this method is correct:
A trader sold a bike at a loss of 10%. If the selling price had been increased by $200, there would have been a gain of 6%. The cost price of the bike is

loss = 10% = 1/10
Loss = CP-SP/CP = 10x-9x/10x
so taking it as a ratio, we can say
CP:SP = 10:9 ---->1

If SP was increased by $200, the profit%=6%

SP+200 ---> 9x+200

(9x+200-10x)/10x = 6/100
900x+20,000-1000x = 60x
20,000-100=60x
20,000=160x
x=20,000/160
x=125

CP=10x so 125*10=1250

Quite a long approach though
User avatar
B
aishu0091
Manager
Manager
Joined: 28 Jul 2020
Posts: 74
Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink] New post  14 Dec 2021, 22:39
VeritasKarishma wrote:
aveek86 wrote:
A trader sold a bike at a loss of 10%. If the selling price had been increased by $200, there would have been a gain of 6%. The cost price of the bike is

A) $1200
B) $1205
C) $1250
D) $1275
E) $1305


$200 is equivalent to 16% of the cost price because it converts 10% loss to 6% gain.
200 = (16/100)*Cost price
Cost price = $1250

Answer (C)


<-----|----------|-------|----->
-10 0 6
-10 is the loss and 6 is the profit after an increase of 200$ in the selling price. so the total movement would be an increase of 16% (i.e. it would have to move by 10 points to 0 and then 6 points again)

Could someone help me out with why '$200 is equivalent to 16% of the cost price'?
why is it the cost price?

Thanks!
User avatar
L
CrackverbalGMAT
GMAT Club Legend
GMAT Club Legend
Joined: 03 Oct 2013
Affiliations: CrackVerbal
Posts: 4946
Location: India
Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink] New post  15 Dec 2021, 05:22
1
Kudos
1
Bookmarks
Top Contributor
A trader sold a bike at a loss of 10%

Sp = 90% of CP

If the selling price had been increased by $200, there would have been a gain of 6%.

New SP = 106% of CP

New SP = SP + 200$

90% of CP + 200 = 106% of CP

16 % of CP = 200

CP = 200/16 * 100 = 1250

Option C is the answer.

Thanks,
Clifin J Francis
_________________
Crackverbal Prep Team

www.crackverbal.com
Signature Read More
User avatar
bumpbot
Non-Human User
Joined: 09 Sep 2013
Posts: 32545
Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink] New post  15 Jan 2023, 07:33
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).

Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
_________________
GMAT Books | GMAT Club Tests | Best Prices on GMAT Courses | GMAT Mobile App | Math Resources | Verbal Resources
Signature Read More
GMAT Club Bot
gmatclubot
Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink]
15 Jan 2023, 07:33
NEW TOPIC
POST REPLY
Downloads
My Bookmarks
Reviews
Moderators:
Bunuel
Math Expert
92760 posts
yashikaaggarwal
Senior Moderator - Masters Forum
3137 posts

cron

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne
Main navigation
GMAT Resources
Partners
MBA Resources
www.gmac.com|www.mba.com | | GMAT Club Rules | Terms and Conditions