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28 Apr 2020, 05:16
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Gross profit is equal to selling price minus cost. A car dealer's gross profit on the sale of a certain car was what percent of the cost of the car?
(1) The selling price of the car was 11/10 of the cost of the car.
(2) The cost of the car was $14,500.
ID: 700304
DS18630.02
(1) The selling price of the car was 11/10 of the cost of the car.
(2) The cost of the car was $14,500.
ID: 700304
DS18630.02
28 Apr 2020, 05:35
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parkhydel
Gross profit is equal to selling price minus cost. A car dealer's gross profit on the sale of a certain car was what percent of the cost of the car?
(1) The selling price of the car was 11/10 of the cost of the car.
(2) The cost of the car was $14,500.
DS18630.02
(1) The selling price of the car was 11/10 of the cost of the car.
(2) The cost of the car was $14,500.
DS18630.02
Profit = Price - Cost
\(\frac{Profit*100}{Cost} =\)?
(Statement1): \(Price = (\frac{11}{10})*Cost\)
-->\( Profit = \frac{11}{10} Cost- Cost = \frac{1}{10} Cost\)
\(\frac{Profit*100}{Cost} = 10\)%
Sufficient
(Statement2): Cost = 14500
Nothing tells us what Profit or Price are
Insufficient
Answer (A).
