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# leo

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Manager
Joined: 06 Nov 2008
Posts: 53

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11 Dec 2008, 17:30
00:00

Difficulty:

(N/A)

Question Stats:

100% (01:10) correct 0% (00:00) wrong based on 13 sessions

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When Leo imported a certain item, he made a 7 percent import tax on the portion of the total value of the item in excess of \$1,000. If the amount of the import tax that Leo paid was \$87.50, what was the total value of the item?

A. \$1,600
B. \$1,850
C. \$2,250
D. \$2,400
E. \$2,750

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Intern
Joined: 22 Dec 2007
Posts: 5

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12 Dec 2008, 02:38
haichao wrote:
When Leo imported a certain item, he made a 7 percent import tax on the portion of the total value of the item in excess of \$1,000. If the amount of the import tax that Leo paid was \$87.50, what was the total value of the item?

A. \$1,600
B. \$1,850
C. \$2,250
D. \$2,400
E. \$2,750

if 7% tax is \$87.50, then the value of item ( exceeds \$1000) without tax will be= 100% which is-

(87.5/7)*100
12.5*100
or, 1250.

So, total Value will be = 1000+1250 = \$2250. Correct ans: C.

--== Message from GMAT Club Team ==--

This is not a quality discussion. It has been retired.

If you would like to discuss this question please re-post it in the respective forum. Thank you!

To review the GMAT Club's Forums Posting Guidelines, please follow these links: Quantitative | Verbal Please note - we may remove posts that do not follow our posting guidelines. Thank you.
Re: leo   [#permalink] 12 Dec 2008, 02:38
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# leo

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