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15 Jan 2010, 06:14
Kudos
Bookmarks
At car dealership X,the total profit from sales increased by 10 percent over the previous year,while the number of cars sold decreased by 10 percent over the previous year.Approximately what was the average perccent increase in profit per car over the previous year?
1. 18%
2.20%
3.22%
4.23%
5.25%
GMAT 800:Answer:C But why?
1. 18%
2.20%
3.22%
4.23%
5.25%
GMAT 800:Answer:C But why?
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15 Jan 2010, 07:59
Kudos
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samrand
Let last year's Profit was P and number of cars sold was N.
This year profit is given 1.1P and number of cars sold is 0.9N.
Average percent profit per car last year is P/N. Average percent profit per car this year is 1.1P/0.9N. 1.1/0.9 is 1.22 approx, so this is 1.22 times more than last year, therefore, 22%.
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