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Toby’s percentage profit on selling a bat was 25 percentage points mor

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Toby’s percentage profit on selling a bat was 25 percentage points mor  [#permalink]

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New post 18 Jun 2019, 09:46
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A
B
C
D
E

Difficulty:

  35% (medium)

Question Stats:

71% (02:28) correct 29% (02:32) wrong based on 21 sessions

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Toby’s percentage profit on selling a bat was 25 percentage points more in the year 1992 than it was in the year 1991. If cost price and selling price of the bat was $2500 and $3000 in the year 1991, what was the selling price of the bat in the year 1992. Assume the price cost price to be the same in each year?


A. $3200
B. $3250
C. $3500
D. $3625
E. $3675
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Re: Toby’s percentage profit on selling a bat was 25 percentage points mor  [#permalink]

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New post 19 Jun 2019, 00:11
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A fairly straight forward question on the concept of Profit & Loss.

From the data about the Cost Price and Selling Price of 1991, we can calculate the profit percentage for 1991. This will form the basis to calculate the profit percentage for 1992 and thereby the Selling Price for 1992.

Profit in 1991 = $3000 – $2500 = $500.

Therefore, profit percentage in 1991 = \(\frac{500}{2500}\) * 100 = 20%.

From the question, profit percentage in 1992 is 25 percentage points more than that in 1991. This means that the profit percentage in 1992 should be 45%.

Since the question says that the cost price is to be assumed same for each year, Cost Price in 1992 = $2500.

This means that the selling price should be 145% of the cost price.

Therefore, Selling price in 1992 = \(\frac{145}{100}\) * 2500 = $3625

The correct answer option is D.

Since there is nothing very challenging about the concepts being tested in this question, make sure that you do not make careless errors in the calculations, which probably is the only way in which you can get this question wrong.

Hope this helps!
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Re: Toby’s percentage profit on selling a bat was 25 percentage points mor  [#permalink]

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New post 21 Jun 2019, 19:47
mangamma wrote:
Toby’s percentage profit on selling a bat was 25 percentage points more in the year 1992 than it was in the year 1991. If cost price and selling price of the bat was $2500 and $3000 in the year 1991, what was the selling price of the bat in the year 1992. Assume the price cost price to be the same in each year?


A. $3200
B. $3250
C. $3500
D. $3625
E. $3675


The percentage profit in 1991 was:

500/2500 = 1/5 = 0.2 = 20%

Since the percentage profit in 1992 was 25 percentage points higher, the percentage profit in 1992 is 20 + 25 = 45 percent. Therefore, the selling price in 1992 was:

2500 x 1.45 = $3625

Answer: D
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Re: Toby’s percentage profit on selling a bat was 25 percentage points mor   [#permalink] 21 Jun 2019, 19:47
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