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

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

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New post 23 Jun 2017, 13:57
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A
B
C
D
E

Difficulty:

  15% (low)

Question Stats:

80% (01:46) correct 20% (02:27) wrong based on 64 sessions

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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
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Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink]

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New post 23 Jun 2017, 14:18
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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)...

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Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink]

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New post 23 Jun 2017, 14:18
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)
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Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink]

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New post 23 Jun 2017, 14:23
The question is 0.9x + 200 = 1.06x

On solving x is 1250
Hence C


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Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink]

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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.

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Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink]

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New post 11 Aug 2017, 00:36
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)
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Kudos [?]: 17398 [0], given: 232

Expert Post
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Re: A trader sold a cycle at a loss of 10%. If the selling price had been [#permalink]

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New post 11 Aug 2017, 00:43
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
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Kudos [?]: 17398 [0], given: 232

Re: A trader sold a cycle at a loss of 10%. If the selling price had been   [#permalink] 11 Aug 2017, 00:43
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