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M19-10
[#permalink]
16 Sep 2014, 01:05
16 Sep 2014, 01:05
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Difficulty:
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Question Stats:
84% (01:44) correct
16%
(01:38)
wrong
based on 148
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If the price of a car includes a 20% mark-up, by what percent will the price of the car be reduced if the mark-up is cut in half?
A. \(5\)
B. \(8 \frac{1}{3}\)
C. \(12\)
D. \(14 \frac{1}{3}\)
E. \(15 \frac{2}{3}\)
A. \(5\)
B. \(8 \frac{1}{3}\)
C. \(12\)
D. \(14 \frac{1}{3}\)
E. \(15 \frac{2}{3}\)
Re: M19-10
[#permalink]
29 Oct 2016, 10:47
29 Oct 2016, 10:47
3
Kudos
manchitkapoor wrote:
how will the markup be 1.1x after reducing to half?
I like to use numbers in cases like this. I chose 100 as the original car price since it makes things easy. A 20% markup would make the car $120. If the mark-up is reduced by half (20% to 10%), the car is now priced at $110. So percent change is clearly less than 10% but greater than 5% so you don't really need to do much more math then that.
Re M19-10
[#permalink]
16 Sep 2014, 01:05
16 Sep 2014, 01:05
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Expert Reply
Official Solution:
If the price of a car includes a 20% mark-up, by what percent will the price of the car be reduced if the mark-up is cut in half?
A. \(5\)
B. \(8 \frac{1}{3}\)
C. \(12\)
D. \(14 \frac{1}{3}\)
E. \(15 \frac{2}{3}\)
Let \(x\) be the cost of the car. With a 20% mark-up, the price becomes \(1.2x\). By halving the mark-up, the price becomes \(1.1x\). This is a reduction of \(\frac{1.2x - 1.1x}{1.2x} *100\%= \frac{1}{12}*100\% = 8 \frac{1}{3}\%\).
Answer: B
If the price of a car includes a 20% mark-up, by what percent will the price of the car be reduced if the mark-up is cut in half?
A. \(5\)
B. \(8 \frac{1}{3}\)
C. \(12\)
D. \(14 \frac{1}{3}\)
E. \(15 \frac{2}{3}\)
Let \(x\) be the cost of the car. With a 20% mark-up, the price becomes \(1.2x\). By halving the mark-up, the price becomes \(1.1x\). This is a reduction of \(\frac{1.2x - 1.1x}{1.2x} *100\%= \frac{1}{12}*100\% = 8 \frac{1}{3}\%\).
Answer: B
