Hi All,
This question can be solved by TESTing THE ANSWERS.
We're told that the commission is 15% of the first $50,000 (so that's $7,500) and 10% of the anything above $50,000. Then we're told that the total commission on an item was $24,000. We're asked for the overall price of the item.
Let's TEST Answer B: $160,000
We already know that the first $7,500 comes from the first $50,000.
10% of the remaining $110,000 = $11,000
$7500 + $11000 = $18,500 which is TOO LOW.
Eliminate Answers B and A.
Next, Let's TEST Answer D: $240,000
We already know that the first $7,500 comes from the first $50,000.
10% of the remaining $190,000 = $19,000
$7500 + $19000 = $26,500 which is TOO HIGH.
Eliminate Answers D and E.
There's only one answer left.
Final Answer:
GMAT assassins aren't born, they're made,
Rich
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