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Mark bought shares for a total value of $1000. Next day, the price of

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Mark bought shares for a total value of $1000. Next day, the price of  [#permalink]

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New post 29 Jan 2015, 07:41
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Question Stats:

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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.

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Re: Mark bought shares for a total value of $1000. Next day, the price of  [#permalink]

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New post 02 Feb 2015, 02:57
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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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Collection of Questions:
PS: 1. Tough and Tricky questions; 2. Hard questions; 3. Hard questions part 2; 4. Standard deviation; 5. Tough Problem Solving Questions With Solutions; 6. Probability and Combinations Questions With Solutions; 7 Tough and tricky exponents and roots questions; 8 12 Easy Pieces (or not?); 9 Bakers' Dozen; 10 Algebra set. ,11 Mixed Questions, 12 Fresh Meat

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Re: Mark bought shares for a total value of $1000. Next day, the price of  [#permalink]

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New post 29 Jan 2015, 08:13
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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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Re: Mark bought shares for a total value of $1000. Next day, the price of  [#permalink]

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New post 22 Mar 2015, 14:11
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

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Re: Mark bought shares for a total value of $1000. Next day, the price of  [#permalink]

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New post 23 Mar 2015, 04:05
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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Mark bought shares for a total value of $1000. Next day, the price of  [#permalink]

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New post 27 Mar 2015, 00:06
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Answer = B = 11

Price/share ................. No of shares ................. Total

x ................................. \(\frac{1000}{x}\) .......................... 1000 (Let x = price per share)

\(\frac{9x}{10}\) .................... \(\frac{1000}{x}\) ........................... 900 (Price of shares reduced by 10% will affect price per share)

\(\frac{9x}{10}\) .................. \(\frac{1000}{x} + 10\) ..................... 1000 (Reduced price per share would give 10 more shares in the same amount)

Setting up the equation

\((\frac{9x}{10})(\frac{1000}{x} + 10) = 1000\)

\(x = \frac{1000}{9} - 100 = \frac{100}{9} = 11.111\)

Answer = B
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Re: Mark bought shares for a total value of $1000. Next day, the price of  [#permalink]

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New post 16 Jul 2015, 07:52
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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Re: Mark bought shares for a total value of $1000. Next day, the price of  [#permalink]

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New post 24 Oct 2016, 07:39
The following equation(s) can be derived from the prompt:

P = price
N = number of stock

(1) PN = 1000
(2) (P-0.10P)(N+10) = 1000

Plug (1) into (2) and you'll find P = 11.111....

Thus, B is the correct answer.
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Re: Mark bought shares for a total value of $1000. Next day, the price of  [#permalink]

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