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29 Jan 2015, 08:41
3
12
00:00

Difficulty:

55% (hard)

Question Stats:

69% (01:36) correct 31% (01:40) wrong based on 277 sessions

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Mark bought shares for a total value of $1000. Next day, the price of shares is reduced by 10%. With the same$1000, he could now buy 10 more shares. Which of the following is closest to the original price per share?

A. $10 B.$11
C. $12 D.$13
E. $14 Kudos for a correct solution. _________________ Manager Joined: 03 Oct 2014 Posts: 138 Location: India Concentration: Operations, Technology GMAT 1: 720 Q48 V40 WE: Engineering (Aerospace and Defense) Re: Mark bought shares for a total value of$1000. Next day, the price of [#permalink]

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29 Jan 2015, 09:13
5
1
PX = 1000...........(a)

(0.9P)(X+10) = 1000......(b)

0.9PX + 9P = PX...
0.1PX = 9P...
X = 90...
Substitute in original...P = 11.1111
Math Expert
Joined: 02 Sep 2009
Posts: 46307
Re: Mark bought shares for a total value of $1000. Next day, the price of [#permalink] ### Show Tags 02 Feb 2015, 03:57 1 3 Bunuel wrote: Mark bought shares for a total value of$1000. Next day, the price of shares is reduced by 10%. With the same $1000, he could now buy 10 more shares. Which of the following is closest to the original price per share? A.$10
B. $11 C.$12
D. $13 E.$14

Kudos for a correct solution.

VERITAS PREP OFFICIAL SOLUTION:

From the given information,we can conclude that Mark bought x number of shares for $1000. With a 10% reduction in price, he could buy the same x number of shares for 1000*.90 =$900 . With the remaining money ($1000 -$900 = $100), he can buy 10 more shares. So, the reduced price per share =$100/10 = $10. Therefore, if the reduced price of$10 equals the original price * 9/10, then the original price is approximately $11. _________________ Intern Joined: 07 Jun 2013 Posts: 10 Re: Mark bought shares for a total value of$1000. Next day, the price of [#permalink]

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22 Mar 2015, 15:11
Price x Quantity = Amount(constant)
Since price is reduced to 9/10, so quantity will be increased by reversed amount 10/9 to make the amount constant.
Given increase in number of shares,i.e. 1/9 of Q is 10. so Quantity=90.
Price per share = Amount /quantity= 1000/90=11.11

B
Manager
Joined: 22 Jan 2014
Posts: 159
WE: Project Management (Computer Hardware)
Re: Mark bought shares for a total value of $1000. Next day, the price of [#permalink] ### Show Tags 23 Mar 2015, 05:05 Bunuel wrote: Mark bought shares for a total value of$1000. Next day, the price of shares is reduced by 10%. With the same $1000, he could now buy 10 more shares. Which of the following is closest to the original price per share? A.$10
B. $11 C.$12
D. $13 E.$14

Kudos for a correct solution.

1000/(0.9x) - 1000/x = 10

let 1000/x = k

k/0.9 - k = 10
=> k = 90

so 1000/x = 90
=> x = 11.11 or 11
_________________

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Joined: 27 Dec 2012
Posts: 1837
Location: India
Concentration: General Management, Technology
WE: Information Technology (Computer Software)

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16 Jul 2015, 08:52
PX = 1000...........(a)

(0.9P)(X+10) = 1000......(b)

0.9PX + 9P = PX...
0.1PX = 9P...
X = 90...
Substitute in original...P = 11.1111
Current Student
Status: DONE!
Joined: 05 Sep 2016
Posts: 398

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25 Dec 2017, 19:39
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