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Suits at a local clothing store are discounted 20 percent. Despite the

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Suits at a local clothing store are discounted 20 percent. Despite the discount, the store owner enjoys a net profit (discount price minus cost) equal to 60 percent of the cost of the suits. If the suits cost the clothing store owner $200 each, what was the prediscount retail price of each suit?

(A) $300
(B) $400
(C) $500
(D) $600
(E) $700
[Reveal] Spoiler: OA

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Bunuel wrote:
Suits at a local clothing store are discounted 20 percent. Despite the discount, the store owner enjoys a net profit (discount price minus cost) equal to 60 percent of the cost of the suits. If the suits cost the clothing store owner $200 each, what was the prediscount retail price of each suit?

(A) $300
(B) $400
(C) $500
(D) $600
(E) $700


Since the suits are discounted at 20%, the price on the suits is 0.8x(if the prediscounted retail price of the suit is x)

It has been given that the profit(discount price - cost) = 60% of the cost.

Let the cost be C
Therefore, \(0.8x - C = 0.6C => 0.8x = 1.6C => x = 2C\)

Since the cost of the suit is $200, the prediscounted retail price is $400(Option B)
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Let the pre-discounted retail price be X.
Cost price of each suit, CP = 200
Discount price=0.8X
Profit % = 60%= \(\frac{(0.8X - CP)}{CP}\) * 100 = \(\frac{(0.8X-200)}{200}\)*100
0.6=\(\frac{(0.8X-200)}{200}\)
120=0.8X-200
X= \(\frac{320}{0.8}\) = 400

Answer B

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New post 20 Oct 2017, 10:06
Given cost = 200, and profit = 60% of cost. So Selling price = 200 + 60% of 200 = 200 + 120 = 320

But this is the price after a discount of 20%. So if prediscount retail price is P, then
80% of P (discount of 20%) = 320
or P = 320/0.8 = 400

Hence B answer

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Re: Suits at a local clothing store are discounted 20 percent. Despite the [#permalink]

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New post 24 Oct 2017, 05:40
Bunuel wrote:
Suits at a local clothing store are discounted 20 percent. Despite the discount, the store owner enjoys a net profit (discount price minus cost) equal to 60 percent of the cost of the suits. If the suits cost the clothing store owner $200 each, what was the prediscount retail price of each suit?

(A) $300
(B) $400
(C) $500
(D) $600
(E) $700


If we let the original selling price of the suits = n, the discounted price is 0.8n, and thus:

0.8n - 200 = 0.6(200)

0.8n - 200 = 120

0.8n = 320

n = 400

Thus, the original price is 400.

Answer: B
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Re: Suits at a local clothing store are discounted 20 percent. Despite the   [#permalink] 24 Oct 2017, 05:40
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