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If the marked price of a bike was $6,250, what was the cost of the bik

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Math Expert
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V
Joined: 02 Sep 2009
Posts: 58335
If the marked price of a bike was $6,250, what was the cost of the bik  [#permalink]

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New post 16 Oct 2018, 02:20
00:00
A
B
C
D
E

Difficulty:

  15% (low)

Question Stats:

96% (00:46) correct 4% (00:49) wrong based on 32 sessions

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V
Joined: 18 Jul 2018
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Location: India
Concentration: Finance, Marketing
WE: Engineering (Energy and Utilities)
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Re: If the marked price of a bike was $6,250, what was the cost of the bik  [#permalink]

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New post 16 Oct 2018, 03:28
From statement 1:

Let the cost price be x. When X is increased by 25%, it'll be equal to 6250. x = 6250/1.25 = 5000.
Sufficient.

From statement 2:

Selling price = 5500. = 1.1x
So cost price = 5500/1.1 = 5000.
Sufficient.

D is the answer.
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Re: If the marked price of a bike was $6,250, what was the cost of the bik  [#permalink]

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New post 16 Oct 2018, 03:44
Bunuel wrote:
If the marked price of a bike was $6,250, what was the cost of the bike to the trader?

(1) The cost price, when raised by 25 percent was equal to the marked price.
(2) The bike was sold for $5,500, which was 10 percent more than the cost to the trader.




Find cost to trader.

Cost to trader * 1.25 = marked price.

Cost to trader * 1.25 = 6,250

We can find the cost sufficient.

Cost to trader * 1.10 = selling price

Cost to trader * 1.1 = 5,500

We can find the cost sufficient.

Answer choice D

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Re: If the marked price of a bike was $6,250, what was the cost of the bik   [#permalink] 16 Oct 2018, 03:44
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