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.
Thank you for using the timer!
We noticed you are actually not timing your practice. Click the START button first next time you use the timer.
There are many benefits to timing your practice, including:
In case you didn’t notice, we recently held the 1st ever GMAT game show and it was awesome! See who won a full GMAT course, and register to the next one.
The original price of an item is $1.40. Lenny bought 4 items at full
[#permalink]
Show Tags
12 May 2017, 04:17
00:00
A
B
C
D
E
Difficulty:
35% (medium)
Question Stats:
73% (02:12) correct 27% (03:06) wrong based on 87 sessions
HideShow timer Statistics
The original price of an item is $1.40. Lenny bought 4 items at full price, 5 of the same item at a 20% discount, and another 5 of the same item at a 40% discount. What is the average price he paid per item?
Concentration: General Management, Entrepreneurship
GPA: 3.8
WE: Engineering (Energy and Utilities)
Re: The original price of an item is $1.40. Lenny bought 4 items at full
[#permalink]
Show Tags
12 May 2017, 04:23
Bunuel wrote:
The original price of an item is $1.40. Lenny bought 4 items at full price, 5 of the same item at a 20% discount, and another 5 of the same item at a 40% discount. What is the average price he paid per item?
A. $1.01 B. $1.06 C. $1.10 D. $1.12 E. $1.18
Total Price Lenny paid = 4*1.40 + 5* 1.4 *0.8 + 5*1.4*0.6 = 1.4*(4+4+3) =1.4*11 Average price paid per item = 1.4 *11/ 14 = $1.10
Re: The original price of an item is $1.40. Lenny bought 4 items at full
[#permalink]
Show Tags
16 May 2017, 05:06
The original price of an item is $1.40. Lenny bought 4 items at full price, 5 of the same item at a 20% discount, and another 5 of the same item at a 40% discount. What is the average price he paid per item?
A. $1.01 B. $1.06 C. $1.10 D. $1.12 E. $1.18
Original price = 1.40 4 items bought at full price = 4 x 1.40 = 5.60 5 items bought at a 20% discount = 5 x ( 80% of 1.40) = 5 x (\(\frac{80}{100}\) x 1.40) = 5.60 5 items bought at a 40% discount = 5 x (60% of 1.40) = 5 x (\(\frac{60}{100}\) x 1.40) = 4.20
Total number of items = 5+5+4 = 14 Total price of 14 items = 5.60 + 5.60 + 4.20 = 15.40 Average price = \(\frac{15.40}{14}\) = $1.10 Answer C....
_________________ Kindly press "+1 Kudos" to appreciate
Re: The original price of an item is $1.40. Lenny bought 4 items at full
[#permalink]
Show Tags
16 May 2017, 05:45
Top Contributor
Bunuel wrote:
The original price of an item is $1.40. Lenny bought 4 items at full price, 5 of the same item at a 20% discount, and another 5 of the same item at a 40% discount. What is the average price he paid per item?
A. $1.01 B. $1.06 C. $1.10 D. $1.12 E. $1.18
We can also apply the weighted averages formula: Weighted average of groups combined = (group A proportion)(group A average) + (group B proportion)(group B average) + (group C proportion)(group C average) + ...
So, average price paid = (proportion of items bought at full price)(full price) + (proportion of items bought at 20% off)(price at 20% off) + (proportion of items bought at 40% off)(price at 40% off)
The TOTAL number of purchases = 4 + 5 + 5 = 14 Full price = $1.40 Price with 20% discount = (0.8)($1.40) Price with 40% discount = (0.6)($1.40)
So, average price paid = (4/14)($1.40) + (5/14) (0.8)($1.40) + (5/14) (0.6)($1.40)
IMPORTANT: Notice that, when $1.40 is multiplied by each fraction with 14 in the denominator, the product is a nice number to work with. For example, (4/14)($1.40) = (4)($0.10) = $0.40 And (5/14) (0.8)($1.40) = (5)(0.8)($0.10) = $0.40 And (5/14) (0.6)($1.40) = (5)(0.6)($0.10) = $0.30
So, we get: average price paid = $0.40 + $0.40 + $0.30 = $1.10
Re: The original price of an item is $1.40. Lenny bought 4 items at full
[#permalink]
Show Tags
16 May 2017, 06:47
Bunuel wrote:
The original price of an item is $1.40. Lenny bought 4 items at full price, 5 of the same item at a 20% discount, and another 5 of the same item at a 40% discount. What is the average price he paid per item?
A. $1.01 B. $1.06 C. $1.10 D. $1.12 E. $1.18
Cost price of the items is = (1.40*4) + (5*80%*1.40) + (5*60%*1.40)
Cost price of the items is = 5.6 + 5.6 + 4.2
Cost price of the items is = 15.4
He bought a total of 14 items, so average price is 1.10
Thus, answer must be (C) $1.10 _________________
Thanks and Regards
Abhishek....
PLEASE FOLLOW THE RULES FOR POSTING IN QA AND VA FORUM AND USE SEARCH FUNCTION BEFORE POSTING NEW QUESTIONS
Re: The original price of an item is $1.40. Lenny bought 4 items at full
[#permalink]
Show Tags
19 May 2017, 05:17
Bunuel wrote:
The original price of an item is $1.40. Lenny bought 4 items at full price, 5 of the same item at a 20% discount, and another 5 of the same item at a 40% discount. What is the average price he paid per item?
A. $1.01 B. $1.06 C. $1.10 D. $1.12 E. $1.18
Since the original price of an item is 1.40, the price with a 20% discount is 0.8 x 1.40 = $1.12 and the price with a 40% discount is 0.6 x 1.40 = $0.84.
Since 4 items were purchased at full price, the total spent on those items was 1.4 x 4 = $5.60. Since 5 items were purchased at a 20% discount, the total spent on those items was 5 x 1.12 = $5.60. Finally, since 5 items were purchased at a 40% discount, the total spent on those items was 5 x 0.84 = $4.20.
The average price per item was:
(5.6 + 5.6 + 4.2)/14 = 15.4/14 = $1.10.
Answer: C
_________________
Scott Woodbury-Stewart Founder and CEO
GMAT Quant Self-Study Course 500+ lessons 3000+ practice problems 800+ HD solutions
close
73% (02:12) correct 
