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03 Aug 2026, 08:44
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A reseller bought a vintage floor lamp at a weekend flea market and later sold it online. What was the reseller’s profit percentage?
(1) If the reseller had sold the lamp for $24 more than the actual selling price, the profit would have been 100% greater than the actual profit
(2) If the reseller had sold the lamp for three times the actual selling price, the profit would have been 300% greater than the actual profit.
(1) If the reseller had sold the lamp for $24 more than the actual selling price, the profit would have been 100% greater than the actual profit
(2) If the reseller had sold the lamp for three times the actual selling price, the profit would have been 300% greater than the actual profit.
03 Aug 2026, 08:44
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Official Solution:
A reseller bought a vintage floor lamp at a weekend flea market and later sold it online. What was the reseller’s profit percentage?
(1) If the reseller had sold the lamp for $24 more than the actual selling price, the profit would have been 100% greater than the actual profit
Since increasing the selling price by $24 would double the profit, the actual profit was $24. We do not know it. Not sufficient.
(2) If the reseller had sold the lamp for three times the actual selling price, the profit would have been 300% greater than the actual profit.
Let the actual selling price be \(y\) and the purchase price be \(x\).
Then the actual profit is \(y - x\).
If the reseller had sold the lamp for three times the actual selling price, the profit would have been \(3y - x\).
The statement says this would have been 300% greater than the actual profit, which means it would have been 4 times the actual profit.
So:
\(3y - x = 4(y - x)\)
\(3y - x = 4y - 4x\)
\(3x = y\)
So the selling price was 3 times the purchase price.
Therefore, the actual profit was \(3x - x = 2x\), which is 200% of the purchase price.
Sufficient.
Answer: B
A reseller bought a vintage floor lamp at a weekend flea market and later sold it online. What was the reseller’s profit percentage?
(1) If the reseller had sold the lamp for $24 more than the actual selling price, the profit would have been 100% greater than the actual profit
Since increasing the selling price by $24 would double the profit, the actual profit was $24. We do not know it. Not sufficient.
(2) If the reseller had sold the lamp for three times the actual selling price, the profit would have been 300% greater than the actual profit.
Let the actual selling price be \(y\) and the purchase price be \(x\).
Then the actual profit is \(y - x\).
If the reseller had sold the lamp for three times the actual selling price, the profit would have been \(3y - x\).
The statement says this would have been 300% greater than the actual profit, which means it would have been 4 times the actual profit.
So:
\(3y - x = 4(y - x)\)
\(3y - x = 4y - 4x\)
\(3x = y\)
So the selling price was 3 times the purchase price.
Therefore, the actual profit was \(3x - x = 2x\), which is 200% of the purchase price.
Sufficient.
Answer: B
