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Company Z only sells chairs and tables.
[#permalink]
27 Jun 2023, 12:03
27 Jun 2023, 12:03
1
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A
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C
D
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Difficulty:
45%
(medium)
Question Stats:
67% (02:47) correct
33%
(02:27)
wrong
based on 89
sessions
Company Z only sells chairs and tables. In 2008, the price of tables sold by Company Z was 10% higher than the price of chairs. Company Z sold 20% fewer tables than chairs in the year 2008. Calculate the approximate percent of its revenue in 2008 that Company Z derived from its sales of chairs.
(A) 44
(B) 48
(C) 53
(D) 64
(E) 72
(A) 44
(B) 48
(C) 53
(D) 64
(E) 72
Quant Chat Moderator
Joined: 22 Dec 2016
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Company Z only sells chairs and tables.
[#permalink]
27 Jun 2023, 14:09
27 Jun 2023, 14:09
rn1112 wrote:
Company Z only sells chairs and tables. In 2008, the price of tables sold by Company Z was 10% higher than the price of chairs. Company Z sold 20% fewer tables than chairs in the year 2008. Calculate the approximate percent of its revenue in 2008 that Company Z derived from its sales of chairs.
(A) 44
(B) 48
(C) 53
(D) 64
(E) 72
(A) 44
(B) 48
(C) 53
(D) 64
(E) 72
We can assume values to solve this question
- Price of chair in 2008 = $100
- Price of tables in 2008 = $110 (the price of tables sold by Company Z was 10% higher than the price of chairs)
- Number of chairs sold in 2008 = 100
- Number of tables sold in 2008 = 80 (Company Z sold 20% fewer tables than chairs in the year 2008)
- Revenue from chairs = 10000
- Revenue from tables = 8800
- Total Revenue = 18800
Percentage = \(\frac{10000}{18800} * 100\)
= \(\frac{10000}{188}\)
To approximate, we can consider the following
If the denominator was equal to 200
= \(\frac{10000}{200}\)
= 50%
However, the denominator is less than 200, so the result will be greater than 50%
If the denominator was equal to 150
= \(\frac{10000}{150}\)
= 66.66%
However, the denominator is greater than 150, so the result will be lesser than 66%
188 is closer to 200, hence the value will be closer to 50. The only option that matches the criteria is Option C.
Option C
Re: Company Z only sells chairs and tables.
[#permalink]
28 Jun 2023, 00:01
28 Jun 2023, 00:01
Price of chair in 2008 = x
Price of tables in 2008 = 1.1x (the price of tables sold by Company Z was 10% higher than the price of chairs)
Number of chairs sold in 2008 = y
Number of tables sold in 2008 = 0.8y (Company Z sold 20% fewer tables than chairs in the year 2008)
Revenue from chairs = xy
Revenue from tables = 0.88xy
Total Revenue = 1.88xy
% = (xy/1.88xy) *100
% aprrox 53
Answer C
Price of tables in 2008 = 1.1x (the price of tables sold by Company Z was 10% higher than the price of chairs)
Number of chairs sold in 2008 = y
Number of tables sold in 2008 = 0.8y (Company Z sold 20% fewer tables than chairs in the year 2008)
Revenue from chairs = xy
Revenue from tables = 0.88xy
Total Revenue = 1.88xy
% = (xy/1.88xy) *100
% aprrox 53
Answer C
