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Patrick purchased 80 pencils and sold them at a loss

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Manager
Joined: 10 Feb 2014
Posts: 62

Kudos [?]: 76 [2], given: 25

Patrick purchased 80 pencils and sold them at a loss [#permalink]

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22 Jun 2014, 10:14
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Difficulty:

45% (medium)

Question Stats:

63% (01:33) correct 37% (01:39) wrong based on 131 sessions

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Patrick purchased 80 pencils and sold them at a loss equal to the selling price of 20 pencils. The cost of 80 pencils is how many times the selling price of 80 pencils?

(A) 0.75
(B) 0.8
(C) 1
(D) 1.2
(E) 1.25

Source: Math bible Nova
[Reveal] Spoiler: OA

Kudos [?]: 76 [2], given: 25

Math Expert
Joined: 02 Sep 2009
Posts: 42571

Kudos [?]: 135363 [2], given: 12691

Re: Patrick purchased 80 pencils and sold them at a loss [#permalink]

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22 Jun 2014, 10:38
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Game wrote:
Patrick purchased 80 pencils and sold them at a loss equal to the selling price of 20 pencils. The cost of 80 pencils is how many times the selling price of 80 pencils?

(A) 0.75
(B) 0.8
(C) 1
(D) 1.2
(E) 1.25

Source: Math bible Nova

Say the cost price of 80 pencils was $80 ($1 per pencil) and the selling price of 1 pencil was p.

Selling at a loss: 80 - 80p = 20p --> p = 4/5.

(cost price)/(selling price) = 1/(4/5) = 5/4 = 1.25.

_________________

Kudos [?]: 135363 [2], given: 12691

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Status: The Best Or Nothing
Joined: 27 Dec 2012
Posts: 1849

Kudos [?]: 2785 [0], given: 193

Location: India
Concentration: General Management, Technology
WE: Information Technology (Computer Software)
Re: Patrick purchased 80 pencils and sold them at a loss [#permalink]

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22 Jun 2014, 23:10
Let cost price of 80 pencils = 80c

Let selling price of 80 pencils = 80s ............ (1)

Pencils sold at a loss equal to the selling price of 20 pencils

80c - 80s = 20s

80c = 100s

$$s = \frac{4c}{5}$$

Selling price of 80 pencils $$= 80 * \frac{4c}{5} = 64c$$ ........... From (1)

Require to find

Cost of 80 pencils = How many times Selling Price of 80 pencils

80c = 64c x ???

Answer $$= \frac{80}{64} = \frac{5}{4} = 1.25$$

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Kudos [?]: 2785 [0], given: 193

Manager
Status: 2 months to go
Joined: 11 Oct 2015
Posts: 135

Kudos [?]: 163 [0], given: 36

GMAT 1: 730 Q49 V40
GPA: 3.8
Patrick purchased 80 pencils and sold them at a loss [#permalink]

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23 May 2016, 11:13
Game wrote:
Patrick purchased 80 pencils and sold them at a loss equal to the selling price of 20 pencils.
The cost of 80 pencils is how many times the selling price of 80 pencils?

(A) 0.75
(B) 0.8
(C) 1
(D) 1.2
(E) 1.25

$$selling price = p$$
$$cost = c$$

since we have incurred a loss equal to the cost of 20 pencils

$$80p-80c=20c$$
$$80p=100c$$
and given that the problem is asking us how many times the cost is equal to the selling price

we can calculate p:

$$p = \frac{100}{80} c$$ or -> $$p = \frac{5}{4} c$$ -> $$p = 1,25 c$$

Kudos [?]: 163 [0], given: 36

Target Test Prep Representative
Status: Founder & CEO
Affiliations: Target Test Prep
Joined: 14 Oct 2015
Posts: 1928

Kudos [?]: 1014 [0], given: 3

Location: United States (CA)
Re: Patrick purchased 80 pencils and sold them at a loss [#permalink]

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09 Oct 2017, 16:24
Game wrote:
Patrick purchased 80 pencils and sold them at a loss equal to the selling price of 20 pencils. The cost of 80 pencils is how many times the selling price of 80 pencils?

(A) 0.75
(B) 0.8
(C) 1
(D) 1.2
(E) 1.25

We can let c = the cost per pencil and p = the selling price per pencil; thus:

80p - 80c = -20p

100p = 80c

The problem is asking for the ratio of 80c to 80p. Since 80c = 100p, 80c/80p = 100p/80p = 10/8 = 5/4 = 1.25.

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Scott Woodbury-Stewart
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Kudos [?]: 1014 [0], given: 3

Re: Patrick purchased 80 pencils and sold them at a loss   [#permalink] 09 Oct 2017, 16:24
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