GMAT Question of the Day - Daily to your Mailbox; hard ones only

 It is currently 07 Dec 2019, 02:14

### GMAT Club Daily Prep

#### Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

# In 2012, the marked price of an electric vehicle was \$50,000 and it

Author Message
TAGS:

### Hide Tags

CR Forum Moderator
Joined: 25 Apr 2018
Posts: 671
GMAT 1: 680 Q49 V34
In 2012, the marked price of an electric vehicle was \$50,000 and it  [#permalink]

### Show Tags

15 Feb 2019, 09:48
00:00

Difficulty:

35% (medium)

Question Stats:

63% (01:21) correct 37% (01:53) wrong based on 49 sessions

### HideShow timer Statistics

In 2012, the marked price of an electric vehicle was \$50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the selling price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?

(1) m = 10

(2) (100 - n) * (100 + m) = 2200
Director
Joined: 09 Mar 2018
Posts: 994
Location: India
Re: In 2012, the marked price of an electric vehicle was \$50,000 and it  [#permalink]

### Show Tags

15 Feb 2019, 20:17
gmat1393 wrote:
In 2012, the marked price of an electric vehicle was \$50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the selling price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?

(1) m = 10

(2) (100 - n) * (100 + m) = 2200

IMO B

A question on successive percentage
we need m - n -nm/100 = %change ---------(1)

from 1) m =10, we cannot say anything about n

from 2) 10^4 - 100n +100m -nm = 2200

2200 - 10^4 = 100m - 100n -nm

When both sides are divided by 100, we get the same form as (1)

_________________
If you notice any discrepancy in my reasoning, please let me know. Lets improve together.

Quote which i can relate to.
Many of life's failures happen with people who do not realize how close they were to success when they gave up.
Manager
Joined: 04 Oct 2017
Posts: 73
Re: In 2012, the marked price of an electric vehicle was \$50,000 and it  [#permalink]

### Show Tags

20 Feb 2019, 00:30
KanishkM wrote:
gmat1393 wrote:
In 2012, the marked price of an electric vehicle was \$50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the selling price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?

(1) m = 10

(2) (100 - n) * (100 + m) = 2200

IMO B

A question on successive percentage
we need m - n -nm/100 = %change ---------(1)

from 1) m =10, we cannot say anything about n

from 2) 10^4 - 100n +100m -nm = 2200

2200 - 10^4 = 100m - 100n -nm

When both sides are divided by 100, we get the same form as (1)

Hi KanishkM,

Can you explain how you arrived at Eq 1i.e m-n-nm/100 = % change?
Director
Joined: 09 Mar 2018
Posts: 994
Location: India
Re: In 2012, the marked price of an electric vehicle was \$50,000 and it  [#permalink]

### Show Tags

20 Feb 2019, 04:11
1
Kezia9 wrote:
KanishkM wrote:
gmat1393 wrote:
In 2012, the marked price of an electric vehicle was \$50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the selling price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?

(1) m = 10

(2) (100 - n) * (100 + m) = 2200

IMO B

A question on successive percentage
we need m - n -nm/100 = %change ---------(1)

from 1) m =10, we cannot say anything about n

from 2) 10^4 - 100n +100m -nm = 2200

2200 - 10^4 = 100m - 100n -nm

When both sides are divided by 100, we get the same form as (1)

Hi KanishkM,
Can you explain how you arrived at Eq 1i.e m-n-nm/100 = % change?

Greetings Kezia9,

I would love to do that.

So basically this is a good shortcut to know about, Apparently i had mentioned about it before as well, But that user does not exist now

So let me start

If you consider this question, notice the bold words, these words signify the successive change logic.

The marked price of an electric vehicle was \$50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the selling price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?

A single price is witnessing a discount as well as a profit.

Now when there is a discount, you are subtracting a value from the base value, so that is why we will subtract them.

When there is a profit, you are adding a value in the base value.

You can have a further read at this post as well

https://gmatclub.com/forum/excellent-me ... 85973.html

Let me know if you need another further explanation.
_________________
If you notice any discrepancy in my reasoning, please let me know. Lets improve together.

Quote which i can relate to.
Many of life's failures happen with people who do not realize how close they were to success when they gave up.
Re: In 2012, the marked price of an electric vehicle was \$50,000 and it   [#permalink] 20 Feb 2019, 04:11
Display posts from previous: Sort by