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An appliance store acquired a refrigerator at a cost of x dollars an

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An appliance store acquired a refrigerator at a cost of x dollars an  [#permalink]

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New post 25 Apr 2016, 07:49
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  15% (low)

Question Stats:

84% (01:22) correct 16% (01:06) wrong based on 80 sessions

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An appliance store acquired a refrigerator at a cost of x dollars and sold the item for y dollars. The cost of the item was what percent of its selling price?

(1) The gross profit from the item was 25% of the cost of the item.

(2) The gross profit from the item was 20% of the selling price of the item.

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Re: An appliance store acquired a refrigerator at a cost of x dollars an  [#permalink]

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New post 25 Apr 2016, 11:07
Cost Price = x
Selling Price = y

Question asks x is what % of y --> (x/y)*100

St1: Profit = y - x = 0.25x --> y = 1.25x
As we have expressed y in terms of x it is sufficient to find the percentage
(x/1.25x)*100 = 80%
Sufficient

St2: Profit = y - x = 0.2y --> x = 0.8y
As x is expressed in terms of y we can find the percentage.
(0.8y/y)*100 = 80%
Sufficient

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Re: An appliance store acquired a refrigerator at a cost of x dollars an  [#permalink]

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New post 01 Jan 2018, 11:35
Bunuel wrote:
An appliance store acquired a refrigerator at a cost of x dollars and sold the item for y dollars. The cost of the item was what percent of its selling price?

(1) The gross profit from the item was 25% of the cost of the item.

(2) The gross profit from the item was 20% of the selling price of the item.


VERITAS PREP OFFICIAL SOLUTION:

You should know the general formula:

Gross Profit = Selling Price – Cost

In terms of this question, we can write:

G = Y – X

We want to determine (X/Y) * 100

Statement 1 tells us G = 0.25X. We can substitute this into the original equation to get:

0.25X = Y – X

or

(1/4)X = Y - X

Combining like terms:

(5/4)X = Y

Thus, X/Y = 4/5

SUFFICIENT

Statement 2 tells us G = 0.2Y. We can substitute this into the original equation to get:

0.2Y = Y – X

or

(1/5)Y = Y – X

Combining like terms:

X = (4/5)Y

Thus, X/Y = 4/5

SUFFICIENT
_________________

New to the Math Forum?
Please read this: Ultimate GMAT Quantitative Megathread | All You Need for Quant | PLEASE READ AND FOLLOW: 12 Rules for Posting!!!

Resources:
GMAT Math Book | Triangles | Polygons | Coordinate Geometry | Factorials | Circles | Number Theory | Remainders; 8. Overlapping Sets | PDF of Math Book; 10. Remainders | GMAT Prep Software Analysis | SEVEN SAMURAI OF 2012 (BEST DISCUSSIONS) | Tricky questions from previous years.

Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

DS: 1. DS tough questions; 2. DS tough questions part 2; 3. DS tough questions part 3; 4. DS Standard deviation; 5. Inequalities; 6. 700+ GMAT Data Sufficiency Questions With Explanations; 7 Tough and tricky exponents and roots questions; 8 The Discreet Charm of the DS; 9 Devil's Dozen!!!; 10 Number Properties set., 11 New DS set.


What are GMAT Club Tests?
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Re: An appliance store acquired a refrigerator at a cost of x dollars an &nbs [#permalink] 01 Jan 2018, 11:35
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