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Clinton bought two tickets to a Rock Band Concert, a concompany ticket

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Clinton bought two tickets to a Rock Band Concert, a concompany ticket [#permalink]

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New post 05 May 2017, 02:27
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Question Stats:

92% (01:27) correct 8% (02:11) wrong based on 48 sessions

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Clinton bought two tickets to a Rock Band Concert, a concompany ticket for $156 and a mezzanine ticket for $184. He sold the concompany ticket for 25 percent more than he paid for it and sold the mezzanine ticket for 25 percent less than he paid for it. What was his total gain or loss?

A. Loss of $5
B. Loss of $7
C. There was neither a net gain nor a net loss
D. Gain of $5
E. Gain of $7
[Reveal] Spoiler: OA

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Re: Clinton bought two tickets to a Rock Band Concert, a concompany ticket [#permalink]

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New post 05 May 2017, 02:46
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A = 156
B= 184

125% of A = 195 = Let C
75% of B = 138 = Let D


A+B=340 (Cost Price for both)

C+D = 333(Selling Price for both)

A+B - (C+D) = - 7 ( '-' Denotes loss)


Ans= Loss of 7 dollars
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Re: Clinton bought two tickets to a Rock Band Concert, a concompany ticket [#permalink]

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New post 07 May 2017, 10:00
25% of 156 is less than 25% of 184 by 7..

hence ans B,,loss of 7 dollars
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Re: Clinton bought two tickets to a Rock Band Concert, a concompany ticket [#permalink]

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New post 08 May 2017, 13:46
mohshu wrote:
25% of 156 is less than 25% of 184 by 7..

hence ans B,,loss of 7 dollars


Did you get that by estimating or calculation? It took me 3 minutes to arrive at a loss of 7. :|
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Re: Clinton bought two tickets to a Rock Band Concert, a concompany ticket [#permalink]

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skysailor wrote:
mohshu wrote:
25% of 156 is less than 25% of 184 by 7..

hence ans B,,loss of 7 dollars


Did you get that by estimating or calculation? It took me 3 minutes to arrive at a loss of 7. :|



Hi,

If you want to do this Q in less than 2 minutes you could approach it the following way:-

Firstly, the HIGHER priced is sold at loss and loss & gain % are same, Overall there will be LOSS..
So you have to look choices with loss, you can eliminate 3 choices.

Now what is the loss...
25% of (185-156) or 28...
25% is nothing but 1/4 so 28*1/4=7...
So a loss of 7

It may be helpful to know following%
12.5%=1/8
16.67%=1/6
25%=1/4
33.33%=1/3
40%=2/5
50%=1/2
60%=3/5
66.67%=2/3
75%=3/4
80%=4/5
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Clinton bought two tickets to a Rock Band Concert, a concompany ticket [#permalink]

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New post 08 May 2017, 22:32
When given percents, it is easier if you remember these proportions
If an item must be sold at a net profit of 25%
CP ------ Profit ------ SP
100 -------25 ------ 125
4 ------- 1 ------- 5(Proportion)


Similarly if the item is to be sold at a net loss of 25%
CP ------ Loss ------ SP
75 -------25 ------ 100
3 ------- 1 ------- 4


These proportions have been done
considering 100 as CP for Profit questions
and 100 as SP for Loss questions.

Using this proportions we can come back to the question in hand.
He buys a concompany ticket for $156(sells at a profit of 25%)
and a mezzanine ticket for $184(sells at a loss of 25%)

So 156 is 4 parts, 1 part(profit) is +39
and 184 is 4 parts, 1 part(loss) is -46

Net profit or loss = +39 -46 = -7(Option B)

P.S if you memorize these proportions for the basic profits like 10,20,25,50 and loss,
it will make things a lot easier. However it not as difficult to deduce at that time also.
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Re: Clinton bought two tickets to a Rock Band Concert, a concompany ticket [#permalink]

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New post 09 May 2017, 09:06
skysailor wrote:
mohshu wrote:
25% of 156 is less than 25% of 184 by 7..

hence ans B,,loss of 7 dollars


Did you get that by estimating or calculation? It took me 3 minutes to arrive at a loss of 7. :|


chetan2u has given a very good explanation,,,,

cheers
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Re: Clinton bought two tickets to a Rock Band Concert, a concompany ticket [#permalink]

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New post 09 May 2017, 09:27
Bunuel wrote:
Clinton bought two tickets to a Rock Band Concert, a concompany ticket for $156 and a mezzanine ticket for $184. He sold the concompany ticket for 25 percent more than he paid for it and sold the mezzanine ticket for 25 percent less than he paid for it. What was his total gain or loss?

A. Loss of $5
B. Loss of $7
C. There was neither a net gain nor a net loss
D. Gain of $5
E. Gain of $7


25% gain= Number + Number/4 (gain) , so 156/4 = 39 = 156 +39----------------------------1
25% gain = number - Number/4(loss) , so 184 / 4 = 46 = 184 - 47 = 184 -39 - 7 --------------------2

From 1 and 2 we can see loss of 7 ..
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Re: Clinton bought two tickets to a Rock Band Concert, a concompany ticket [#permalink]

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New post 12 May 2017, 12:34
Bunuel wrote:
Clinton bought two tickets to a Rock Band Concert, a concompany ticket for $156 and a mezzanine ticket for $184. He sold the concompany ticket for 25 percent more than he paid for it and sold the mezzanine ticket for 25 percent less than he paid for it. What was his total gain or loss?

A. Loss of $5
B. Loss of $7
C. There was neither a net gain nor a net loss
D. Gain of $5
E. Gain of $7


We are given that Clinton paid $156 for a concompany ticket and $184 for a mezzanine ticket. Thus, he paid 154 + 184 = $340 for the two tickets.

He then sold the concompany ticket for 1.25 x 156 = $195.

He also sold the mezzanine ticket for 0.75 x 184 = $138.

Thus, he sold the two tickets for 195 + 138 = $333.

Since he paid $340 for the two tickets, he had a total loss of 340 - 333 = $7.

Answer: B
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Re: Clinton bought two tickets to a Rock Band Concert, a concompany ticket   [#permalink] 12 May 2017, 12:34
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