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Bill made a profit of 10% by selling a product. If he had purchased

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Bill made a profit of 10% by selling a product. If he had purchased [#permalink]

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New post 19 Aug 2015, 02:42
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Question Stats:

63% (01:45) correct 37% (02:55) wrong based on 100 sessions

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Bill made a profit of 10% by selling a product. If he had purchased that product for 10% less and sold it at a profit of 30%, he would have received $ 49 more. What was his original selling price?

(A) $770

(B) $660

(C) $700

(D) $1100

(E) $840

Source : Aristotle Prep

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Re: Bill made a profit of 10% by selling a product. If he had purchased [#permalink]

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New post 19 Aug 2015, 03:55
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Gnpth wrote:
Bill made a profit of 10% by selling a product. If he had purchased that product for 10% less and sold it at a profit of 30%, he would have received $ 49 more. What was his original selling price?

(A) $770

(B) $660

(C) $700

(D) $1100

(E) $840

Source : Aristotle Prep


Let the original purchase price be X
So original selling price at 10% profit = 1.1X

If product is purchased at 10% less of original = 0.9X
Profit of 30% on this price = 1.3(0.9X)

He would have received $49 more in second scenario => 1.3(0.9X) - 1.1X = 49
=> 0.07X = 49
=> X = $700

Original purchase price = $700
Hence, original selling price (at 10% of profit) = 1.1(700) = $770

Option A
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Re: Bill made a profit of 10% by selling a product. If he had purchased [#permalink]

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New post 19 Aug 2015, 04:29
Gnpth wrote:
Bill made a profit of 10% by selling a product. If he had purchased that product for 10% less and sold it at a profit of 30%, he would have received $ 49 more. What was his original selling price?

(A) $770

(B) $660

(C) $700

(D) $1100

(E) $840

Source : Aristotle Prep



Let P be the original purchase price of Bill. Selling price for Bill originally = 1.1*P

Scenario 2, 10% less purchase price ---> 0.9*P, he would have made 30% profit. Thus selling price for this case = 1.3*0.9*P = 1.17*P

Thus, per the question, 1.17P-1.1P = 49 ---> P = 700

Finally, selling price for case 1 = 700*1.1 = 770. A is the correct answer.
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Re: Bill made a profit of 10% by selling a product. If he had purchased [#permalink]

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New post 16 Aug 2017, 00:29
Lets use options.
Option A:770
Original SP = 770
Original CP = \(\frac{770}{1.1}\) = 700
New CP = 700-10%*700=630
New Profit = 30%*630 = 63*3 = 189
New SP = 189+630 = 819
New SP-Original SP = 819-770 = 49 , matching condition given in question.
Thus answer is Option A
No need to work on remaining options
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Re: Bill made a profit of 10% by selling a product. If he had purchased [#permalink]

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New post 22 Nov 2017, 10:04
Hi,
I am not so sure if my solution is really correct, but however I did come up with right answer with this method.

Since we are dealing with percentages here I just assumed
Let Original CP= 100
Now since Profit=10%. Original SP=110
The question says if the CP is 10% Lower, so now
New CP=90
,Then New SP=1.3*90=117 (Since sold at a profit of 30%)

Now Difference between Original SP and New SP= 117-110= 7
In the question it says that this difference is $ 49 which is 7*7.
Now if I just do 7*Original SP= 7*110 = 770, which is the answer.

Please let me know if its a correct approach, or if I just got lucky. Thanks :)
Re: Bill made a profit of 10% by selling a product. If he had purchased   [#permalink] 22 Nov 2017, 10:04
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