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23 Sep 2010, 14:47
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C
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73% (02:14) correct
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Car Dealership X, the total profit from sales increased by 10 percent over the previous years, while the number of cars sold decreased by 10 percent over the previous years. Approximately what was the average percent increase in profit per car over the previous year.
A. 18%
B. 20%
C. 22%
D. 23%
E. 25%
A. 18%
B. 20%
C. 22%
D. 23%
E. 25%
23 Sep 2010, 14:52
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onedayill
Car Dealership X, the total profit from sales increased by 10 percent over the previous years, while the number of cars sold decreased by 10 percent over the previous years. Approximately what was the average percent increase in profit per car over the previous year.
18%
20%
22%
23%
25%
18%
20%
22%
23%
25%
Let Profit be x and cars sold be y
Originally Profit/Car = x/y
Now it is 1.1x / 0.9 y = 11/9 (x/y)
Increase in profit per car = ((2/9) (x/y)) / (x/y) * 100 = 22.22%
Answer = C
23 Sep 2010, 14:59
Kudos
Bookmarks
onedayill
Car Dealership X, the total profit from sales increased by 10 percent over the previous years, while the number of cars sold decreased by 10 percent over the previous years. Approximately what was the average percent increase in profit per car over the previous year.
18%
20%
22%
23%
25%
18%
20%
22%
23%
25%
Let the initial profit be \(p\) and initial number of cars sold be \(n\) --> initial profit per car would be \(\frac{p}{n}\);
After 1 year profit per car would be \(\frac{1.1p}{0.9n}\approx{1.22*\frac{p}{n}}\);
General formula for percent increase or decrease, (percent change):
\(Percent \ change=\frac{Change}{Original}*100=\frac{1.22*\frac{p}{n}-\frac{p}{n}}{\frac{p}{n}}*100=22\).
Answer: C.
