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A trader, While selling an item, was asking for such a price that woul

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Manager
Manager
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G
Joined: 09 Jan 2016
Posts: 135

Kudos [?]: 88 [0], given: 59

GPA: 3.4
WE: General Management (Human Resources)
A trader, While selling an item, was asking for such a price that woul [#permalink]

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New post 11 Sep 2017, 09:48
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A
B
C
D
E

Difficulty:

  55% (hard)

Question Stats:

55% (01:35) correct 45% (01:33) wrong based on 22 sessions

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A trader, While selling an item, was asking for such a price that would enable him to of, a 20% discount and still make a profit of 30% on cost. If the cost of the item was $50 what was his asking price?
A. 65
B. 81.25
C. 85
D. 90
E. 78
[Reveal] Spoiler: OA

Kudos [?]: 88 [0], given: 59

Senior Manager
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G
Joined: 02 Jul 2017
Posts: 252

Kudos [?]: 59 [0], given: 59

Location: India
GMAT ToolKit User CAT Tests
Re: A trader, While selling an item, was asking for such a price that woul [#permalink]

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New post 11 Sep 2017, 10:02
Let selling price be s and original cost price is c

so trader giving 20% discount on selling price => price = 80% of s = 0.8s
Now this price should give him 30% profit on cost. So price need to be equal to (1+30/100) c = 1.3c

So trader wants 0.8s =1.3c

As given c = $50
=> 0.8s = 1.3 *50
=> s= 81.25

Answer: B

Kudos [?]: 59 [0], given: 59

Senior Manager
Senior Manager
User avatar
G
Joined: 19 Apr 2016
Posts: 276

Kudos [?]: 182 [0], given: 59

Location: India
GMAT 1: 570 Q48 V22
GMAT 2: 640 Q49 V28
GPA: 3.5
WE: Web Development (Computer Software)
Re: A trader, While selling an item, was asking for such a price that woul [#permalink]

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New post 11 Sep 2017, 10:04
81.25

Profit on cost price of 30% => 50*1.3=65

Now this profit will be after offering a discount of 20%
Therefore 65=0.8*x
X=81.25

Sent from my Redmi Note 4 using GMAT Club Forum mobile app

Kudos [?]: 182 [0], given: 59

Re: A trader, While selling an item, was asking for such a price that woul   [#permalink] 11 Sep 2017, 10:04
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A trader, While selling an item, was asking for such a price that woul

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