Last visit was: 12 Dec 2024, 11:32 It is currently 12 Dec 2024, 11:32
Home
GMAT
Messages
Tests
Schools
Reviews
Social
Chat
My Profile
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
Back to Forum
Create Topic
User avatar
Bunuel
User avatar
Math Expert
Joined: 02 Sep 2009
Last visit: 12 Dec 2024
Posts: 97,847
Own Kudos:
685,359
 []
Given Kudos: 88,255
Products:
GMAT Club Tests Forum Quiz
Expert reply
Active GMAT Club Expert! Tag them with @ followed by their username for a faster response.
Posts: 97,847
Kudos: 685,359
 []
Pat bought a new car for P dollars and sold it later for M dollars. Th 29 Aug 2019, 01:09
Kudos
Add Kudos
1
Bookmarks
Bookmark this Post
00:00
Start Timer
Pause Timer
Resume Timer
Show Answer
Hide
Show
History
B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!

Difficulty:

25% (medium)

Question Stats:

72% (01:01) correct 28% (01:31) wrong based on 98 sessions

History

Date
Time
Result
Not Attempted Yet

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
ShowHide Answer
Official Answer
B
User avatar
EncounterGMAT
User avatar
Joined: 10 Oct 2018
Last visit: 16 Oct 2019
Posts: 321
Own Kudos:
562
 []
Given Kudos: 185
Status:Whatever it takes!
GPA: 4
Posts: 321
Kudos: 562
 []
Pat bought a new car for P dollars and sold it later for M dollars. Th Updated on: 29 Aug 2019, 03:12
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.
3
Kudos
Add Kudos
1
Bookmarks
Bookmark this Post
ANSWER IS OPTION B. Here's how I solved.

Hope it helps
Attachments

IMG_20190829_153936.jpg
IMG_20190829_153936.jpg [ 2.73 MiB | Viewed 2684 times ]

User avatar
joohwangie
User avatar
Joined: 17 Jan 2019
Last visit: 12 Dec 2024
Posts: 256
Own Kudos:
217
 []
Given Kudos: 54
Concentration: Leadership, Sustainability
Schools: Stanford
Products:
My Reviews
Schools: Stanford
Posts: 256
Kudos: 217
 []
Pat bought a new car for P dollars and sold it later for M dollars. Th Updated on: 06 Sep 2019, 10:00
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.
1
Kudos
Add Kudos
Bookmarks
Bookmark this Post
The question is basically asking \(\frac{M-P}{P}\)

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
User avatar
Hazel1134
User avatar
Joined: 02 May 2019
Last visit: 21 Oct 2019
Posts: 7
Own Kudos:
10
 []
Given Kudos: 6
Posts: 7
Kudos: 10
 []
Pat bought a new car for P dollars and sold it later for M dollars. Th 29 Aug 2019, 01:46
1
Kudos
Add Kudos
Bookmarks
Bookmark this Post
We are to basically find the value of (M-P)/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 (3-2) / 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
User avatar
eakabuah
User avatar
Retired Moderator
Joined: 18 May 2019
Last visit: 15 Jun 2022
Posts: 782
Own Kudos:
1,077
 []
Given Kudos: 101
Posts: 782
Kudos: 1,077
 []
Pat bought a new car for P dollars and sold it later for M dollars. Th 29 Aug 2019, 02:18
1
Kudos
Add Kudos
Bookmarks
Bookmark this Post
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 M-P=10,000
(M-P)/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
M-P=(3/2 - 1)P =1/2 P
(M-P)/P = 1/2 which is 50%.

Hence the answer is B.

Posted from my mobile device
User avatar
unraveled
User avatar
Joined: 07 Mar 2019
Last visit: 12 Dec 2024
Posts: 2,741
Own Kudos:
2,009
 []
Given Kudos: 764
Location: India
WE:Sales (Energy)
Posts: 2,741
Kudos: 2,009
 []
Pat bought a new car for P dollars and sold it later for M dollars. Th 29 Aug 2019, 03:31
1
Kudos
Add Kudos
Bookmarks
Bookmark this Post
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).
User avatar
Kinshook
User avatar
GMAT Club Legend
Joined: 03 Jun 2019
Last visit: 12 Dec 2024
Posts: 5,424
Own Kudos:
4,598
Given Kudos: 161
Location: India
Schools: HBS '22 CBS '22 Wharton '22
GMAT 1: 690 Q50 V34
WE:Engineering (Transportation)
Products:
My Reviews
Schools: HBS '22 CBS '22 Wharton '22
GMAT 1: 690 Q50 V34
Posts: 5,424
Kudos: 4,598
Pat bought a new car for P dollars and sold it later for M dollars. Th 29 Aug 2019, 04:32
Kudos
Add Kudos
Bookmarks
Bookmark this Post
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?

\(\frac{(M-P)}{P}\%\) = ?

(1) M - P = 10,000
Since P is unknown
NOT SUFFICIENT

(2) P/M = 2/3
P/M = 2/3
\frac{M-P}{P} = \frac{1}{2} = 50%
SUFFICIENT

IMO B
User avatar
Prasannathawait
User avatar
Joined: 10 Aug 2018
Last visit: 15 Jun 2020
Posts: 223
Own Kudos:
146
Given Kudos: 179
Location: India
Concentration: Strategy, Operations
WE:Operations (Energy)
Products:
My Reviews
Posts: 223
Kudos: 146
Pat bought a new car for P dollars and sold it later for M dollars. Th 29 Aug 2019, 06:50
Kudos
Add Kudos
Bookmarks
Bookmark this Post
IMO B alone is sufficient.

Because we know P/M is 2/3 so M-P 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.
User avatar
Archit3110
User avatar
GMAT Club Legend
Joined: 18 Aug 2017
Last visit: 12 Dec 2024
Posts: 8,117
Own Kudos:
4,498
Given Kudos: 243
Status:You learn more from failure than from success.
Location: India
Concentration: Sustainability, Marketing
GMAT Focus 1: 545 Q79 V79 DI73
GPA: 4
WE:Marketing (Energy)
Products:
GMAT Club Tests
GMAT Focus 1: 545 Q79 V79 DI73
Posts: 8,117
Kudos: 4,498
Pat bought a new car for P dollars and sold it later for M dollars. Th 29 Aug 2019, 07:14
Kudos
Add Kudos
Bookmarks
Bookmark this Post
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 ; M-P/P %
#1
M - P = 10,000
value of P is not know insufficient
#2
P/M = 2/3
we can solve ; P=2M/3 ; M-P/P % ; M/3 *3/2M ; 50%
IMO B sufficient
avatar
arunsankar
avatar
Joined: 19 Mar 2019
Last visit: 28 Jun 2021
Posts: 5
Own Kudos:
4
Given Kudos: 27
Posts: 5
Kudos: 4
Pat bought a new car for P dollars and sold it later for M dollars. Th 29 Aug 2019, 08:58
Kudos
Add Kudos
Bookmarks
Bookmark this Post
Given :

P - Initial Price (also first sale price)
M - Selling Price (Second sale price)

Difference = |M-P|

Required : |M-P|/P

Statement 1:

M-P = 10000 =>|M-P|/P = 10000/(10000-M)

Not sufficient

Down to BCDE

Statement 2:

P/M=2/3 => M=3P/2 =>|M-P|/P = |(3P/2)-P|/P = 50%

Sufficient

So the answer is B
User avatar
exc4libur
User avatar
Joined: 24 Nov 2016
Last visit: 22 Mar 2022
Posts: 1,710
Own Kudos:
1,394
Given Kudos: 607
Location: United States
Posts: 1,710
Kudos: 1,394
Pat bought a new car for P dollars and sold it later for M dollars. Th 29 Aug 2019, 09:03
Kudos
Add Kudos
Bookmarks
Bookmark this Post
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

\(\frac{M-P}{P}?\)
(1) M - P = 10,000: we dont know \(P\), insufic;
(2) P/M = 2/3: \(3P=2M…M=3P/2…substitute:\frac{M-P}{P}…\frac{3P/2-P}{P}=0.5*100=50\) sufic.

Answer (B)
User avatar
snoep
User avatar
Joined: 17 Jul 2014
Last visit: 01 Jan 2024
Posts: 150
Own Kudos:
175
Given Kudos: 320
Posts: 150
Kudos: 175
Pat bought a new car for P dollars and sold it later for M dollars. Th 29 Aug 2019, 12:33
Kudos
Add Kudos
Bookmarks
Bookmark this Post
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?
\(\frac{|P-M|}{P} * 100\)

(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
Moderator:
Bunuel
Math Expert
97847 posts