Bunuel wrote:
If a merchant purchased a sofa from a manufacturer for $400 and then sold it, what was the selling price of the sofa?
(1) The selling price of the sofa was greater than 140 percent of the purchase price.
(2) The merchant's gross profit from the purchase and sale of the sofa was 1/3 of the selling price.
Given: A merchant purchased a sofa from a manufacturer for $400 and then sold it Target question: What was the selling price of the sofa? Statement 1: The selling price of the sofa was greater than 140 percent of the purchase price. Let x = selling price of the sofa
We can write: x > $400 + (140% of $400)
Simplify: x > $400 + $560
Simplify: x > $960
If the selling price is greater than $960, then
the selling price COULD be $970, $980, $985, . . . etcSince we cannot answer the
target question with certainty, statement 1 is NOT SUFFICIENT
Statement 2: The merchant's gross profit from the purchase and sale of the sofa was 1/3 of the selling price.Let x = selling price of the sofa
So, the gross profit = x/3
NOTE: Gross profit = selling price - purchase priceFor this question, we have: Gross profit = selling price - $400
Replace values to get: x/3 = x - 400
Multiply both sides by 3 to get: x = 3x - 1200
So: -2x = -1200
Solve: x = 600
So,
the selling price was $600Since we can answer the
target question with certainty, statement 2 is SUFFICIENT
Answer: B
Cheers,
Brent
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