It is currently 02 Jun 2024, 00:29
Register
GMAT Focus Tests
Decision Tracker
My Rewards
Unanswered
Active Topics
New posts
New comers' posts
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.
Go to My Error Log Learn more
Close
Request Expert Reply
Confirm Cancel

John bought a painting for 80 percent of its appraised value, sold it

3 posts Go to First Unread Post
Print view
NEW TOPIC
POST REPLY
Question banks

GMAT Question Banks

Downloads
My Bookmarks
Reviews
SORT BY:
Date
Kudos
User avatar
B
guddo
Manager
Manager
Joined: 25 May 2021
Posts: 155
John bought a painting for 80 percent of its appraised value, sold it [#permalink] John bought a painting for 80 percent of its appraised value, sold it  03 Jan 2024, 09:45
2
Bookmarks
00:00
A
B
C
D
E

Difficulty:

15% (low)

Question Stats:

88% (01:54) correct 12% (01:59) wrong based on 99 sessions
Hide Show DIFFICULTY AND TIMER STATISTICS
John bought a painting for 80 percent of its appraised value, sold it at a price that was 35 percent greater than its appraised value, and made a profit of $1,650. If there were no other costs involved, what was the appraised value of the painting?

A. $2,250
B. $2,400
C. $2,560
D. $2,800
E. $3,000

Show Spoiler
Attachment:
2024-01-03_20-21-41.png
2024-01-03_20-21-41.png [ 49.25 KiB | Viewed 1259 times ]
ShowHide Answer
Official Answer
Official Answer and Stats are available only to registered users. Register/Login.
User avatar
L
Archit3110
GMAT Club Legend
GMAT Club Legend
Joined: 18 Aug 2017
Status:You learn more from failure than from success.
Posts: 7899
Location: India
Concentration: Sustainability, Marketing
GMAT Focus 1:
545 Q79 V79 DI73
GPA: 4
WE:Marketing (Energy and Utilities)
GMAT ToolKit User
Re: John bought a painting for 80 percent of its appraised value, sold it [#permalink] John bought a painting for 80 percent of its appraised value, sold it  03 Jan 2024, 09:55
let appraised value be x

1.35x-.80x = 1650
x = $3000

guddo wrote:
John bought a painting for 80 percent of its appraised value, sold it at a price that was 35 percent greater than its appraised value, and made a profit of $1,650. If there were no other costs involved, what was the appraised value of the painting?

A. $2,250
B. $2,400
C. $2,560
D. $2,800
E. $3,000

Show Spoiler
Attachment:
2024-01-03_20-21-41.png
User avatar
L
Bunuel
Math Expert
Joined: 02 Sep 2009
Posts: 93554
CAT Tests Forum Quiz Mode
Re: John bought a painting for 80 percent of its appraised value, sold it [#permalink] John bought a painting for 80 percent of its appraised value, sold it  03 Jan 2024, 09:56
1
Kudos
Expert Reply
guddo wrote:
John bought a painting for 80 percent of its appraised value, sold it at a price that was 35 percent greater than its appraised value, and made a profit of $1,650. If there were no other costs involved, what was the appraised value of the painting?

A. $2,250
B. $2,400
C. $2,560
D. $2,800
E. $3,000

Show Spoiler
Attachment:
2024-01-03_20-21-41.png


Let's denote the appraised value of the painting as P.

    1. John bought the painting for 80% of its appraised value. So, the cost price for John = 0.8P.

    2. He sold it at a price that was 35% greater than its appraised value. So, the selling price = 1.35P.

    3. The profit made was $1,650. We know that profit = selling price - cost price.

Since John made a profit of $1,650, then we'd have:

    1.35P - 0.8P = 1650

This simplifies to:

    0.55P = 1650

And finally to:

    P = $3,000.

Answer: E.
_________________
New to the GMAT CLUB Forum?

My Signature Questions' Collection:


What are GMAT Club Tests?
Extra-hard Quant Tests with Brilliant Analytics
Signature Read More
GMAT Club Bot
gmatclubot
Re: John bought a painting for 80 percent of its appraised value, sold it [#permalink]
03 Jan 2024, 09:56
NEW TOPIC
POST REPLY
Downloads
My Bookmarks
Reviews
Moderator:
Bunuel
Math Expert
93554 posts