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Pat bought a new car for P dollars and sold it later for M dollars. Th
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29 Aug 2019, 01:09
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Competition Mode Question Pat bought a new car for P dollars and sold it later for M dollars. The difference between the two sale prices was what percent of the initial price? (1) M  P = 10,000 (2) P/M = 2/3
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Re: Pat bought a new car for P dollars and sold it later for M dollars. Th
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Updated on: 29 Aug 2019, 03:12
ANSWER IS OPTION B. Here's how I solved. Hope it helps
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Originally posted by EncounterGMAT on 29 Aug 2019, 01:32.
Last edited by EncounterGMAT on 29 Aug 2019, 03:12, edited 1 time in total.



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Pat bought a new car for P dollars and sold it later for M dollars. Th
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Updated on: 06 Sep 2019, 10:00
The question is basically asking \(\frac{MP}{P}\)
a. gives us the differences but we do not know what P is insufficient
b. gives the ratio of P and M, we know what we are looking for sufficient
therefore, B
Originally posted by joohwangie on 29 Aug 2019, 01:41.
Last edited by joohwangie on 06 Sep 2019, 10:00, edited 1 time in total.



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Re: Pat bought a new car for P dollars and sold it later for M dollars. Th
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29 Aug 2019, 01:46
We are to basically find the value of (MP)/P
Statement 1  Not sufficient, for we do not know the value of P alone
Statement 2 > the ratio of M:P is 3:2 . then we assume M is 3 and P is 2, then (32) / 2 = .5 or 50%
Since this is a ratio, 6:4 , 12:8 or whatever in line with this ratio should yield the same answer.
Hence the Answer is B



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Re: Pat bought a new car for P dollars and sold it later for M dollars. Th
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29 Aug 2019, 02:18
Cost Price =P, Selling Price=M We are to find percentage of the difference in the two prices as a percentage of Initial Price P.
1 is insufficient since It only tells us MP=10,000 (MP)/P= 10,000/P Since we don’t know what P is, we are unable to find a unique percentage.
2 Is sufficient. It gives us a relation between M and P in terms of ratios. i.e. P/M=2/3 So we can say that M=3/2 * P MP=(3/2  1)P =1/2 P (MP)/P = 1/2 which is 50%.
Hence the answer is B.
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Re: Pat bought a new car for P dollars and sold it later for M dollars. Th
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29 Aug 2019, 03:31
Pat bought a new car for P dollars and sold it later for M dollars. The difference between the two sale prices was what percent of the initial price? (1) M  P = 10,000 (2) \(\frac{P}{M} = \frac{2}{3}\) Cost Price(CP) = P and Selling Price(SP) = M. Question requires \((\frac{(M – P)}{P})*100\) i.e. \(\frac{(M – P)}{P}\) Basically what is \(\frac{M}{P}\) ? Statement 1) M  P = 10,000 M and P can be anything to result difference as 10,000. For example M = 10001 & P = 1 or M = 20001 and P = 10001. Both the cases result in different values of M/P. INSUFFICIENT. Statement 2) \(\frac{P}{M} = \frac{2}{3}\) Thus, \(\frac{M}{P} = \frac{3}{2}\) SUFFICIENT. Answer (B).
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Re: Pat bought a new car for P dollars and sold it later for M dollars. Th
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29 Aug 2019, 04:32
Given: Pat bought a new car for P dollars and sold it later for M dollars. Asked: The difference between the two sale prices was what percent of the initial price? \(\frac{(MP)}{P}\%\) = ? (1) M  P = 10,000 Since P is unknown NOT SUFFICIENT (2) P/M = 2/3 P/M = 2/3 \frac{MP}{P} = \frac{1}{2} = 50% SUFFICIENT IMO B
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Re: Pat bought a new car for P dollars and sold it later for M dollars. Th
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29 Aug 2019, 06:30
(1) M  P = 10,000 but we do not have an information allowing us to calculate P and get what percentage 10 000 represents.
If M = 30 000, then P = 20 000 and MP is 50% of P. If M = 50 000, then P = 40 000 and MP is 25% of P.
Insufficient
(2) P/M = 2/3 so P = 2M/3
If M = 3000, then P = 2000 and MP = 1000, which is 50% of P If M = 6000, then P = 4000 and MP = 2000, which is 50% of P And so on...
Sufficient
Answer B



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Re: Pat bought a new car for P dollars and sold it later for M dollars. Th
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29 Aug 2019, 06:50
IMO B alone is sufficient.
Because we know P/M is 2/3 so MP is 1 and we can get 1/3 is the required percentage. A is not sufficient because we don't know what is M or P.
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Re: Pat bought a new car for P dollars and sold it later for M dollars. Th
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29 Aug 2019, 07:14
Pat bought a new car for P dollars and sold it later for M dollars. The difference between the two sale prices was what percent of the initial price?
(1) M  P = 10,000
(2) P/M = 2/3
we need to determine ; MP/P % #1 M  P = 10,000 value of P is not know insufficient #2 P/M = 2/3 we can solve ; P=2M/3 ; MP/P % ; M/3 *3/2M ; 50% IMO B sufficient



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Re: Pat bought a new car for P dollars and sold it later for M dollars. Th
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29 Aug 2019, 08:58
Given :
P  Initial Price (also first sale price) M  Selling Price (Second sale price)
Difference = MP
Required : MP/P
Statement 1:
MP = 10000 =>MP/P = 10000/(10000M)
Not sufficient
Down to BCDE
Statement 2:
P/M=2/3 => M=3P/2 =>MP/P = (3P/2)P/P = 50%
Sufficient
So the answer is B



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Re: Pat bought a new car for P dollars and sold it later for M dollars. Th
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29 Aug 2019, 09:03
Quote: Pat bought a new car for P dollars and sold it later for M dollars. The difference between the two sale prices was what percent of the initial price?
(1) M  P = 10,000 (2) P/M = 2/3 \(\frac{MP}{P}?\) (1) M  P = 10,000: we dont know \(P\), insufic; (2) P/M = 2/3: \(3P=2M…M=3P/2…substitute:\frac{MP}{P}…\frac{3P/2P}{P}=0.5*100=50\) sufic. Answer (B)



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Re: Pat bought a new car for P dollars and sold it later for M dollars. Th
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29 Aug 2019, 12:33
Pat bought a new car for P dollars and sold it later for M dollars. The difference between the two sale prices was what percent of the initial price?
Question is can we find this? \(\frac{PM}{P} * 100\)
(1) M  P = 10,000 Change in values is 10000, but we don't know the original value, so not sufficient
(2) \(\frac{P}{M}\) = \(\frac{2}{3}\) P = 2x M = 3x can we plug in this in above equation and find the difference? yes
Or Other way is plug the no's Let's say P = 10 and M = 15 \(\frac{P}{M}\) = 2/3 can we plug in these values in above equation and find the percent? yes sufficient
B is the answer




Re: Pat bought a new car for P dollars and sold it later for M dollars. Th
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