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02 Apr 2011, 19:35
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A car dealership sold two cars: the first car at a 10% profit and the second car at a 10% loss, which gave them an overall profit margin of 5% from these two sales. If the dealership's total profit was $1000, what was the sale price of each car?
$5,000 and $1,000
$9,000 and $5,000
$11,000 and $9,000
$15,000 and $5,000
$20,000 and $10,000
x - Cost of car 1
y - Cost of car 2
1.1x + 0.9y - x - y = 1000
0.1x - 0.1y = 1000
x - y = 10000
1.1x + 0.9y = 1.05(x + y)
0.05x - 0.15y = 0
x - 3y = 0
=> 2y = 10000, y = 5000
x = 15000
I think the question should ask "Cost Price" instead of "sale price". Could someone please advise on this ?
Regards,
Subhash
$5,000 and $1,000
$9,000 and $5,000
$11,000 and $9,000
$15,000 and $5,000
$20,000 and $10,000
x - Cost of car 1
y - Cost of car 2
1.1x + 0.9y - x - y = 1000
0.1x - 0.1y = 1000
x - y = 10000
1.1x + 0.9y = 1.05(x + y)
0.05x - 0.15y = 0
x - 3y = 0
=> 2y = 10000, y = 5000
x = 15000
I think the question should ask "Cost Price" instead of "sale price". Could someone please advise on this ?
Regards,
Subhash
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02 Apr 2011, 21:16
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I think the question should ask "Cost Price" instead of "sale price". Could someone please advise on this ?
Yes you are correct!
I think elimination is the strategy here. Start from C and if the profit is less move down the options and if profit is more, move up the options. The overall profit is $1000
Option C
Profit from first car = 11k * 0.1=1100
loss from the second car 9k * 0.1= 900
overall profit =1100-900=$200
Option D
Profit from first car= 15k * 0.1= 1500
loss from the second car= 5k * 0.1=500
overall profit = 1500-500=$1000
I am done. Hence D
Posted from my mobile device
Yes you are correct!
I think elimination is the strategy here. Start from C and if the profit is less move down the options and if profit is more, move up the options. The overall profit is $1000
Option C
Profit from first car = 11k * 0.1=1100
loss from the second car 9k * 0.1= 900
overall profit =1100-900=$200
Option D
Profit from first car= 15k * 0.1= 1500
loss from the second car= 5k * 0.1=500
overall profit = 1500-500=$1000
I am done. Hence D
Posted from my mobile device
Archived Topic
Hi there,
Archived GMAT Club Tests question - no more replies possible.
Where to now? Try our up-to-date Free Adaptive GMAT Club Tests
for the latest questions.
Still interested? Check out the "Best Topics" block above for better discussion and related questions.
Thank you for understanding, and happy exploring!
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