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09 Dec 2022, 11:15
Kudos
Bookmarks
E
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
85%
(hard)
Question Stats:
54% (02:32) correct
46%
(02:51)
wrong
based on 92
sessions
History
Date
Time
Result
Not Attempted Yet
Stuart paid $60 for purchasing a pair of identical chairs. He decided to sell the chairs at a price equal to the purchase price plus a markup that is 40 percent of the marked price, set by him. When he could not sell the chairs for one day, he discounted their marked price by 20 percent and quickly sold one chair. Worrying that he had underpriced the chairs, he raised the marked price of the remaining chair by 20 percent and sold it by the end of the day. What was his total profit or loss for the combined transactions?
A. 10
B. 13
C. 13.62
D. 18
E. 28
A. 10
B. 13
C. 13.62
D. 18
E. 28
09 Jan 2023, 14:41
Kudos
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Bunuel
A lot of information to process, hence it's best to organize the work as much as possible.
Quote:
Price Stuart paid for two identical chairs = $60
Price Stuart paid for one chairs = $30
Quote:
Let the mark price set by him = $x
We know that this mark price included a 40% profit of marked price
So
x = $30 + \(\frac{40*x}{100}\)
Taking x to the other side
\(\frac{60*x}{100 }= 30\)
\(x = $50\)
So, Stuart set a price of $50.
Quote:
Price post discount = \((\frac{80}{100}) * 50 = $40\)
Hence, Stuart sold one chair for $40
Quote:
Price of the second chair = \(\frac{120}{100}*40 = 48\)
Total selling price of both the chairs = 40 + 48 = $88
Cost price for both the chairs = $60
Profit = $88 - $60 = $28
Option E
04 Jul 2025, 02:48
Kudos
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