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An antique dealer bought a coffee table that was then sold for a profi

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Math Expert
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An antique dealer bought a coffee table that was then sold for a profi  [#permalink]

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New post 21 Oct 2019, 09:06
00:00
A
B
C
D
E

Difficulty:

  25% (medium)

Question Stats:

88% (01:06) correct 13% (01:32) wrong based on 24 sessions

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Joined: 18 Aug 2017
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Concentration: Sustainability, Marketing
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WE: Marketing (Energy and Utilities)
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Re: An antique dealer bought a coffee table that was then sold for a profi  [#permalink]

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New post 21 Oct 2019, 10:01
1
Bunuel wrote:
An antique dealer bought a coffee table that was then sold for a profit. What was the selling price of the coffee table?

(1) The dealer's cost for the coffee table was $340.

(2) The dealer's gross profit on the coffee table was 15% of the selling price.


GP = SP-CP
#1
insufficient
#2
GP=.15 SP
from 1 &2
.15SP=SP-340
solve for SP = 45.33$
IMO C
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Re: An antique dealer bought a coffee table that was then sold for a profi  [#permalink]

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New post 21 Oct 2019, 10:20
Statement 1- the dealer's cost for the coffee table was $340.- Insufficient - because we have to calculate the SP. For SP we must know the CP or GP.
Statement 2 is also not sufficient because it only tells us about the GP.

Joining together-
SP-CP= GP
SP= x, So GP= 15% * X
CP = 240
We can calculate the SP from here. Hence C is the correct option.
GMAT Club Bot
Re: An antique dealer bought a coffee table that was then sold for a profi   [#permalink] 21 Oct 2019, 10:20
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