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An orange vendor makes a profit of 20% by selling orange at a certain

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An orange vendor makes a profit of 20% by selling orange at a certain  [#permalink]

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New post 09 Jun 2018, 21:45
1
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A
B
C
D
E

Difficulty:

  75% (hard)

Question Stats:

51% (02:10) correct 49% (01:41) wrong based on 47 sessions

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An orange vendor makes a profit of 20% by selling orange at a certain price. If he charges $1.2 higher per orange he would gain 40%. Find the original price at which he sold an orange.

A) 5
B) 4.8
C) 6
D) 4
E) 7.2
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Re: An orange vendor makes a profit of 20% by selling orange at a certain  [#permalink]

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New post 09 Jun 2018, 22:00
1
wishalsp333 wrote:
An orange vendor makes a profit of 20% by selling orange at a certain price. If he charges $1.2 higher per orange he would gain 40%. Find the original price at which he sold an orange.

A) 5
B) 4.8
C) 6
D) 4
E) 7.2


If the orange was bought for 5x and the vendor made a profit of x(20%), the vendor sold the orange at 6x

Now, as he charges 1.2$ more per orange, he will gain 40%(20% more). So, 1.2$ is x(20%)

Therefore, the original price at which he sold the orange is 6x = 6*1.2 = 7.2(Option E)
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Re: An orange vendor makes a profit of 20% by selling orange at a certain  [#permalink]

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New post 10 Jun 2018, 03:12
As the increase in price ($1.20) correlates to another 20% increase (40% - 20%) in the profit margin, you can say that every 10% is equal to $0.60. Thus 100% of the cost price is 10*$0.60=$6.00, and thus if the original price of the oranges equate to a 20% profit margin, then it is 1.2*$6.00=$7.20. I.e. the answer is E.

This is how I approached the question.
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Re: An orange vendor makes a profit of 20% by selling orange at a certain &nbs [#permalink] 10 Jun 2018, 03:12
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