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The following tables show the revenues and costs, in thousands of

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The following tables show the revenues and costs, in thousands of [#permalink]

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New post 24 Jan 2018, 22:54
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The following tables show the revenues and costs, in thousands of dollars, for a small company in the year 2007

Image

Profit = Revenue – Costs. If costs remain constant from 2007 to 2008, and if revenues increase by 10% in that same period, by what percent will profits increase from 2007 to 2008?

A. 11.6%
B. 25.8%
C. 34.7%
D. 71.2%
E. 116.3%

[Reveal] Spoiler:
Attachment:
2018-01-25_1050.png
2018-01-25_1050.png [ 47.39 KiB | Viewed 909 times ]
[Reveal] Spoiler: OA

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Re: The following tables show the revenues and costs, in thousands of [#permalink]

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New post 24 Jan 2018, 22:59
C

For 2007 profit=1052-749 =303

For 2008 profit = 1.1*1052 -749
= 1157.2- 749 =408.2

Now % increase in profit = ((408.2-303)/303)*100
= (105.2/303)*100
= 34.7%


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Re: The following tables show the revenues and costs, in thousands of [#permalink]

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New post 25 Jan 2018, 07:15
Revenue for 2008 = 1157.2
Cost for 2008 = 749

Profit for 2008 = 408.2
Profit for 2007 = 303

Percentage Increase in profit is 34.72 %, Answer will be (C)
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The following tables show the revenues and costs, in thousands of [#permalink]

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New post 25 Jan 2018, 13:34
Bunuel wrote:
The following tables show the revenues and costs, in thousands of dollars, for a small company in the year 2007

Image

Profit = Revenue – Costs. If costs remain constant from 2007 to 2008, and if revenues increase by 10% in that same period, by what percent will profits increase from 2007 to 2008?

A. 11.6%
B. 25.8%
C. 34.7%
D. 71.2%
E. 116.3%

[Reveal] Spoiler:
Attachment:
2018-01-25_1050.png

The numbers are unwieldy, and answers are far apart. Round.
Let original costs = $750
Let original revenue = $1,050

Original profit (Revenues -Costs):
$1,050 - $750 = $300

NEW revenues
Revenues increase 10 percent:
1.1 = \(1\frac{1}{10} =\frac{11}{10}\)
\($1,050 * \frac{11}{10} = 11*105 = $1,155\)


NEW profit:
$1,155 - $750 = $405 \(\approx{$400}\)

PERCENT INCREASE in profits?

Percent change: \(\frac{New-Old}{Old}*100\)

\(\frac{400-300}{300}*100=\frac{100}{300}*100=\frac{1}{3}*100 =.33*100\)
\(\approx{33}\)
percent

The answer will be slightly higher than 33 percent because I rounded new profit down.

Only one answer is close: 34.7% percent

Answer C
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The following tables show the revenues and costs, in thousands of   [#permalink] 25 Jan 2018, 13:34
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