rn1112 wrote:
Company Z only sells chairs and tables. In 2008, the price of tables sold by Company Z was 10% higher than the price of chairs. Company Z sold 20% fewer tables than chairs in the year 2008. Calculate the approximate percent of its revenue in 2008 that Company Z derived from its sales of chairs.
(A) 44
(B) 48
(C) 53
(D) 64
(E) 72
We can assume values to solve this question
- Price of chair in 2008 = $100
- Price of tables in 2008 = $110 (the price of tables sold by Company Z was 10% higher than the price of chairs)
- Number of chairs sold in 2008 = 100
- Number of tables sold in 2008 = 80 (Company Z sold 20% fewer tables than chairs in the year 2008)
- Revenue from chairs = 10000
- Revenue from tables = 8800
- Total Revenue = 18800
Percentage = \(\frac{10000}{18800} * 100\)
= \(\frac{10000}{188}\)
To approximate, we can consider the following
If the denominator was equal to 200= \(\frac{10000}{200}\)
= 50%
However, the denominator is less than 200, so the result will be greater than 50%
If the denominator was equal to 150= \(\frac{10000}{150}\)
= 66.66%
However, the denominator is greater than 150, so the result will be lesser than 66%
188 is closer to 200, hence the value will be closer to 50. The only option that matches the criteria is Option C.
Option C