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03 Oct 2018, 03:29
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D
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If the list price of a new car was $12,300, what was the cost of the car to the dealer?
(1) The cost to the dealer was equal to 80 percent of the list price.
(2) The car was sold for $11,070, which was 12.5 percent more than the cost to the dealer.
(1) The cost to the dealer was equal to 80 percent of the list price.
(2) The car was sold for $11,070, which was 12.5 percent more than the cost to the dealer.
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MsInvBanker
Posts: 653
03 Oct 2018, 03:36
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If the list price of a new car was $12,300, what was the cost of the car to the dealer?
(1) The cost to the dealer was equal to 80 percent of the list price.
\(12,300 * 0.80 = $9,840\)
SUFFICIENT
(2) The car was sold for $11,070, which was 12.5 percent more than the cost to the dealer.
\(11,070 / 1.125 = $9,840\)
SUFFICIENT
Answer: D
(1) The cost to the dealer was equal to 80 percent of the list price.
\(12,300 * 0.80 = $9,840\)
SUFFICIENT
(2) The car was sold for $11,070, which was 12.5 percent more than the cost to the dealer.
\(11,070 / 1.125 = $9,840\)
SUFFICIENT
Answer: D
Updated on: 11 Apr 2021, 07:01
Originally posted by BrentGMATPrepNow on 14 Apr 2020, 17:43.
Last edited by BrentGMATPrepNow on 11 Apr 2021, 07:01, edited 1 time in total.
Last edited by BrentGMATPrepNow on 11 Apr 2021, 07:01, edited 1 time in total.
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Bunuel
Given: The list price of a new car was $12,300
Let x = the cost of the car to the dealer
Target question: What is the value of x?
Statement 1: The cost to the dealer was equal to 80 percent of the list price.
Rewrite as: cost to the dealer = 80% of list price
Substitute to get: x = 80% of $12,300
Since we COULD evaluate 80% of $12,300, we COULD find the value of x, which means we could answer the target question with certainty (but we'd never waste our time doing so on that day!)
Statement 1 is SUFFICIENT
Statement 2: The car was sold for $11,070, which was 12.5 percent more than the cost to the dealer
We can write: $11,070 = 12.5% more than the cost to the dealer
In other words: $11,070 = 12.5% more than x
In other words: $11,070 = x + (12.5% of x)
In other words: $11,070 = x + (0.125x)
In other words: $11,070 = 1.125x
Solve: x = 11,070/1.125
Since we can answer the target question with certainty, statement 2 is SUFFICIENT
Answer: D
Cheers,
Brent
