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

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A trader, While selling an item, was asking for such a price that woul  [#permalink]

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New post 18 Jun 2019, 00:39
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A
B
C
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E

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  45% (medium)

Question Stats:

61% (01:51) correct 39% (01:27) wrong based on 23 sessions

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

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New post 18 Jun 2019, 01:05
1
Bunuel wrote:
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



Discount = 20%

Profit Margin = 30%

Cost price = 50.

Selling Price = 50 * 130% = 50 * 130/100 = 65.

65 is basically selling price after charging the discount . It means 65 is 80% of asking price.

Asking Price = 65/80 * 100 = 81.25.

B is the correct answer.
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Re: A trader, While selling an item, was asking for such a price that woul  [#permalink]

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New post 18 Jun 2019, 01:53
KSBGC wrote:
Bunuel wrote:
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



Discount = 20%

Profit Margin = 30%

Cost price = 50.

Selling Price = 50 * 130% = 50 * 130/100 = 65.

65 is basically selling price after charging the discount . It means 65 is 80% of asking price.

Asking Price = 65/80 * 100 = 81.25.

B is the correct answer.



I believe the question is just asking for Selling Price. I mean a price which would result in both the discount and profit at the same time. Please correct me if I am wrong. Thank you.
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Re: A trader, While selling an item, was asking for such a price that woul  [#permalink]

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New post 18 Jun 2019, 02:30
Bunuel wrote:
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


Cost =50$ so for 30% profit he must sell it at 50*1.3=65$

If 65% is after 20% discount then price before discount is 65/80%=81.25 IMO B
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Re: A trader, While selling an item, was asking for such a price that woul  [#permalink]

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New post 18 Jun 2019, 02:32
Jansaida wrote:
KSBGC wrote:
Bunuel wrote:
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



Discount = 20%

Profit Margin = 30%

Cost price = 50.

Selling Price = 50 * 130% = 50 * 130/100 = 65.

65 is basically selling price after charging the discount . It means 65 is 80% of asking price.

Asking Price = 65/80 * 100 = 81.25.

B is the correct answer.



I believe the question is just asking for Selling Price. I mean a price which would result in both the discount and profit at the same time. Please correct me if I am wrong. Thank you.


Jansaida from Stem"while selling an item, was asking for such a price" so requirement is before discount
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Re: A trader, While selling an item, was asking for such a price that woul  [#permalink]

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New post 18 Jun 2019, 10:29
Bunuel wrote:
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


simply do reverse calculation as to what could have got the trader to sell at 50$
50*1.3=65$
65/0.8 = 81.25 $
IMO B
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Re: A trader, While selling an item, was asking for such a price that woul  [#permalink]

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New post 18 Jun 2019, 10:34
Minor typo: "him to of, a 20% discount"

First step:

We have to identify the profit: C (50) * 1.3 (30% Profit) = 65

Then we identify the discount: 65 (Selling price after discount) : 0.8 (20% discount offered on initial price) = 81.25

AC B!
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Re: A trader, While selling an item, was asking for such a price that woul  [#permalink]

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New post 18 Jun 2019, 12:52
Bunuel wrote:
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


CP + P = SP = MP - D

Or, \(50 + 30\)% of \(50\) = SP = \(\frac{100 - 20}{100}*MP\)

Or, 65 = SP = \(\frac{80}{100}*MP\)

Or, 65 = \(\frac{80}{100}*MP\)

Or, MP = 81.25 , Answer must be (B)
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Re: A trader, While selling an item, was asking for such a price that woul  [#permalink]

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New post 21 Jun 2019, 11:38
Bunuel wrote:
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


We can create the equation:

P = 0.3C

0.8R - C = 0.3C

0.8R = 1.3C

8R = 13(50)

8R = 650

R = 81.25

Answer: B
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Re: A trader, While selling an item, was asking for such a price that woul   [#permalink] 21 Jun 2019, 11:38
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