Last visit was: 31 Oct 2024, 15:49 It is currently 31 Oct 2024, 15:49
Close
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Close
Request Expert Reply
Confirm Cancel
avatar
aayushagrawal
Joined: 01 Nov 2015
Last visit: 07 May 2017
Posts: 14
Own Kudos:
110
 [12]
Given Kudos: 28
Products:
Posts: 14
Kudos: 110
 [12]
4
Kudos
Add Kudos
8
Bookmarks
Bookmark this Post
User avatar
Kurtosis
User avatar
Current Student
Joined: 13 Apr 2015
Last visit: 10 Nov 2021
Posts: 1,419
Own Kudos:
4,692
 [4]
Given Kudos: 1,228
Location: India
Products:
Posts: 1,419
Kudos: 4,692
 [4]
4
Kudos
Add Kudos
Bookmarks
Bookmark this Post
avatar
aayushagrawal
Joined: 01 Nov 2015
Last visit: 07 May 2017
Posts: 14
Own Kudos:
110
 [2]
Given Kudos: 28
Products:
Posts: 14
Kudos: 110
 [2]
Kudos
Add Kudos
2
Bookmarks
Bookmark this Post
User avatar
chetan2u
User avatar
RC & DI Moderator
Joined: 02 Aug 2009
Last visit: 31 Oct 2024
Posts: 11,495
Own Kudos:
37,129
 [4]
Given Kudos: 333
Status:Math and DI Expert
Products:
Expert reply
Posts: 11,495
Kudos: 37,129
 [4]
4
Kudos
Add Kudos
Bookmarks
Bookmark this Post
aayushagrawal
A man purchases 2 watches for $ 560. He sells one at 15% profit and the other at a loss of 10%. He neither gains nor loses on the whole. Thus, the cost price of two watches are :

A) $ 260 and $ 300
B) $210 and $ 350
C) $224 and $336
D) $560 and $560
E) $224 and $ 350


Hi,

Another way from choices-

firstly the sum of price of two watches = 560....

so our answer should also add up to 560... D and E can be eliminated..

Work on the remaining choices to see if 15% of lower price is equal to 10% of higher price..
A) $ 260 and $ 300.....10% of 300 = 30, but clearly 15% of 260 is not 30... Eliminate
B) $210 and $ 350.........10% of 350 = 35, but clearly 15% of 210 will be in decimal... Eliminate
C) $224 and $336...............10% of 336 = 33.6, and 15% of 224 is .15*224 = 33.6... CORRECT
User avatar
KarishmaB
Joined: 16 Oct 2010
Last visit: 31 Oct 2024
Posts: 15,420
Own Kudos:
69,198
 [3]
Given Kudos: 446
Location: Pune, India
Expert reply
Active GMAT Club Expert! Tag them with @ followed by their username for a faster response.
Posts: 15,420
Kudos: 69,198
 [3]
2
Kudos
Add Kudos
1
Bookmarks
Bookmark this Post
aayushagrawal
A man purchases 2 watches for $ 560. He sells one at 15% profit and the other at a loss of 10%. He neither gains nor loses on the whole. Thus, the cost price of two watches are :

A) $ 260 and $ 300
B) $210 and $ 350
C) $224 and $336
D) $560 and $560
E) $224 and $ 350

Use weighted averages:

CPl/CPp = (15 - 0)/(0 - (-10)) = 3/2

Total cost price is $560 and cost price of the two watches are in the ratio 3:2. On the ratio scale 5 is equivalent to actual 560. So cost prices are $336 and $224.

Answer (C)
User avatar
adiagr
Joined: 18 Jan 2010
Last visit: 05 Oct 2019
Posts: 209
Own Kudos:
Given Kudos: 9
GMAT 1: 710 Q48 V40
Posts: 209
Kudos: 1,035
Kudos
Add Kudos
Bookmarks
Bookmark this Post
aayushagrawal
A man purchases 2 watches for $ 560. He sells one at 15% profit and the other at a loss of 10%. He neither gains nor loses on the whole. Thus, the cost price of two watches are :

A) $ 260 and $ 300
B) $210 and $ 350
C) $224 and $336
D) $560 and $560
E) $224 and $ 350

Let initial costs are c1 and c2. Then;

c1+c2 = 560

When he sells.

1.5c1+0.9c2 = 560

c1+c2 = 1.5c1+0.9c2

0.15c1 = 0.10c2

\(\frac{c1}{c2}\) = \(\frac{10}{15}\) = \(\frac{2}{3}\)
c1+c2 = 560
Then
(2/3)c2+c2 = 560.

c2 = 336; c1 = 224.

C is the answer.
User avatar
snorkeler
Joined: 14 Dec 2015
Last visit: 13 Apr 2020
Posts: 39
Own Kudos:
Given Kudos: 46
Concentration: Entrepreneurship, General Management
WE:Information Technology (Computer Software)
Posts: 39
Kudos: 260
Kudos
Add Kudos
Bookmarks
Bookmark this Post
15% profit is nullified by 10% loss that means cost of watch with 15% profit is lower than that of cost of other watch with 10% loss, and both the values should be same.
net profit = profit gained - loss incurred
0 = Profit - Loss --> Profit = Loss

so apply 15% to smaller number and 10% to lower number and check both the values are same.

A- 2.6*15 , 30 (not equal)
B- 2.1*15 , 35 (not equal)
C- 2.24*15, 33.6 (equal, I personally converted 15% to 3/20 for easy calculation as I was doing only mind calc)

Answer - C
User avatar
rohit8865
Joined: 05 Mar 2015
Last visit: 31 Oct 2024
Posts: 841
Own Kudos:
Given Kudos: 45
Products:
Posts: 841
Kudos: 901
Kudos
Add Kudos
Bookmarks
Bookmark this Post
aayushagrawal
A man purchases 2 watches for $ 560. He sells one at 15% profit and the other at a loss of 10%. He neither gains nor loses on the whole. Thus, the cost price of two watches are :

A) $ 260 and $ 300
B) $210 and $ 350
C) $224 and $336
D) $560 and $560
E) $224 and $ 350
Suppose price of one watch =x
then price of another watch=560-x
As per question one at 15% profit and the other at a loss of 10%
x(1+15/100)+ (560-x)(1-10/100)=560(as no profit ,no loss).
115x/100+9*560/10-9X/10=560
25x=5600
x=224
so another =560-224=336
Ans C
User avatar
Divyadisha
User avatar
Current Student
Joined: 18 Oct 2014
Last visit: 01 Jun 2018
Posts: 678
Own Kudos:
1,823
 [1]
Given Kudos: 69
Location: United States
GMAT 1: 660 Q49 V31
GPA: 3.98
GMAT 1: 660 Q49 V31
Posts: 678
Kudos: 1,823
 [1]
1
Kudos
Add Kudos
Bookmarks
Bookmark this Post
aayushagrawal
A man purchases 2 watches for $ 560. He sells one at 15% profit and the other at a loss of 10%. He neither gains nor loses on the whole. Thus, the cost price of two watches are :

A) $ 260 and $ 300
B) $210 and $ 350
C) $224 and $336
D) $560 and $560
E) $224 and $ 350

x+y= 560

1.15 x+ .90y= 560
x+y = 1.15x + .90y
.1y=.15x

y=1.5x

2.5x= 560
x= 224
y=336

C is the answer
User avatar
bumpbot
User avatar
Non-Human User
Joined: 09 Sep 2013
Last visit: 04 Jan 2021
Posts: 35,331
Own Kudos:
Posts: 35,331
Kudos: 902
Kudos
Add Kudos
Bookmarks
Bookmark this Post
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).

Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
Moderator:
Math Expert
96533 posts