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An auto dealer sells each car at either $20,000 or $30,000. Some cars

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An auto dealer sells each car at either $20,000 or $30,000. Some cars  [#permalink]

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New post 15 Nov 2016, 07:41
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68% (01:02) correct 32% (01:10) wrong based on 84 sessions

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An auto dealer sells each car at either $20,000 or $30,000. Some cars are marked up at 20% of the cost price and the remaining are marked up at 30% of the cost price. If the dealer sells 50 cars in total, what is the total profit of the dealer?

    (1) 20 cars were sold for $20,000
    (2) 30 cars were marked up 30%

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Re: An auto dealer sells each car at either $20,000 or $30,000. Some cars  [#permalink]

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New post 15 Nov 2016, 07:41
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Re: An auto dealer sells each car at either $20,000 or $30,000. Some cars  [#permalink]

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New post 15 Nov 2016, 11:30
Though i got the answer wrong.
After further analysis, I observed that:
S1 does not state whether the 20 cars were marked up 20% or 30%.
Also, as per the question, the C.P. is not given, hence cars of 20,000 or 30,000 can have marked up of 20% or 30%.
S2 again does not give this information.
Hence IMO E.

Correct me if i am wrong.

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Re: An auto dealer sells each car at either $20,000 or $30,000. Some cars  [#permalink]

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New post 15 Nov 2016, 13:19
Key points
Each cars sold at either $20,000 or $30,000.
Total cars the dealer sells 50.
To find- total profit
Revenue from the cars sold at $20,000 + Revenue from the cars sold at $30,000.

St-1: 20 cars were sold for $20,000

Good that 20 cars were sold at $20,000 but isn't $20,000 suppose to be a 20% or 30% marked up price of the cost price. And what is that cost price?? Cant find. And,therefore, Not sufficient!!

St-2: 30 cars were marked up 30%
It states that 30 cars were marked up 30%. That means the remaining 20 were marked at 20% of the cost price. But again, What is the cost price of the two batches of the cars sold? Data not sufficient

Combining statement 1 and 2, we get that
20 cars were sold at $20,000 and that 30 cars were marked up 30% or the remaining 20 were marked at 20% of the cost price.
let CPx - cost price of 20 cars
and CPy - cost price of 30 cars
now cost price of 1 car of 20 cars= 1.2*x=20000.
= x= 20000/1.2=5000/3
Therefore, 20 cars = (5000/3)*20= some value
SPx(selling price of 20 cars
)= 20*20000= 400000
profit from batch of 20 cars= 400000-[20*(5000/30] = some value
Similarly , for another batch of 30 cars profits can be known
Therefore combining gives a sufficient solution.

Please correct me if E is the correct option. :)
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Re: An auto dealer sells each car at either $20,000 or $30,000. Some cars  [#permalink]

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New post 25 Jun 2018, 13:56
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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Re: An auto dealer sells each car at either $20,000 or $30,000. Some cars &nbs [#permalink] 25 Jun 2018, 13:56
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