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Updated on: 20 Nov 2024, 00:03
Originally posted by EgmatQuantExpert on 20 Jun 2018, 01:48.
Last edited by Bunuel on 20 Nov 2024, 00:03, edited 4 times in total.
Last edited by Bunuel on 20 Nov 2024, 00:03, edited 4 times in total.
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B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
55%
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Question Stats:
57% (01:29) correct
43%
(01:36)
wrong
based on 577
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Alex bought a smartwatch at $200 from his friend and sold it to another friend at a certain price. What is his actual profit percentage?
(1) Alex gave a discount of 25% while selling the watch.
(2) Alex made a profit of 33.3%, when calculated on the selling price.
3 Must Learn Applications of Percentages - Exercise Question #1
To solve question 2: Question 2
To read the article: 3 Must Learn Applications of Percentages
Read More about Percentages and its application
Article-1: 3 Major Concerns Students Face in Solving Percentage Problems
(1) Alex gave a discount of 25% while selling the watch.
(2) Alex made a profit of 33.3%, when calculated on the selling price.
3 Must Learn Applications of Percentages - Exercise Question #1
To solve question 2: Question 2
To read the article: 3 Must Learn Applications of Percentages
Read More about Percentages and its application
Article-1: 3 Major Concerns Students Face in Solving Percentage Problems
Updated on: 23 Jun 2018, 11:13
Originally posted by EgmatQuantExpert on 20 Jun 2018, 01:51.
Last edited by EgmatQuantExpert on 23 Jun 2018, 11:13, edited 1 time in total.
Last edited by EgmatQuantExpert on 23 Jun 2018, 11:13, edited 1 time in total.
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Solution
Given:
- • Alex bought a smartwatch at $200 from his friend
• Alex sold that smartwatch to another friend at a certain price
To find:
- • The actual profit percentage of Alex
Approach and Working:
As Alex purchased the smartwatch at a price of $200, we can say:
- • The cost price of the smartwatch = $200
To find the profit percentage, we need to know the price at which Alex sold the smartwatch to his other friend. As no other information is provided in the question stem, let’s look into the analysis of the statements.
Analysing Statement 1
- • As per the information given in statement 1, Alex gave a discount of 25% while selling the watch
- o As discount is calculated on the marked price or list price, from this statement, we cannot find out the selling price of the smartwatch as the marked price or list price is not mentioned
Hence, statement 1 is not sufficient to answer the question
Analysing Statement 2
- • As per the information given in statement 2, Alex made a profit of 33.3%, when calculated on the selling price
• If we assume the selling price to be x, then profit amount = 33.3% of x = \(\frac{1}{3} * x = \frac{x}{3}\)
• As we have cost price ($200), profit amount (\(\frac{x}{3}\)), and selling price (x), we can write:
- o \(200 + \frac{x}{3} = x\)
o Solving this equation, we can find out the value of x
Hence, statement 2 is sufficient to answer the question
Hence, the correct answer is option B.
Answer: B
20 Jun 2018, 04:01
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To get the actual profit %, we need purchased price (already given in stem - $200) and selling price
1 stm: 0.75*initial selling price not suff. (Actually this statement seemed a bit wordy, for me it was not clear 25% discount was from selling price or from purchasing price. Finally I assumed it was from selling price)
2 stm: Selling price *66.7%=200 suff
In my opinion
Ans: B
1 stm: 0.75*initial selling price not suff. (Actually this statement seemed a bit wordy, for me it was not clear 25% discount was from selling price or from purchasing price. Finally I assumed it was from selling price)
2 stm: Selling price *66.7%=200 suff
In my opinion
Ans: B
