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

Difficulty:

55% (hard)

Question Stats:

69% (01:35) correct 31% (01:42) wrong based on 283 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

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02 Feb 2015, 03:57
2
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.
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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: 176
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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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
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25 Dec 2017, 19:39
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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