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E
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
75%
(hard)
Question Stats:
66% (02:50) correct
34%
(02:43)
wrong
based on 164
sessions
History
Date
Time
Result
Not Attempted Yet
A shop sold a pair of shoes for Tk. 1600.00 and a pair of sandals for Tk. 960.00. It made a profit of 20% on shoes and took a 10% loss on sandals. The shop made a
(A) loss of 17.8%
(B) loss of 15.0%
(C) gain of 17.8%
(D) gain of 75.3%
(E) None of these
(A) loss of 17.8%
(B) loss of 15.0%
(C) gain of 17.8%
(D) gain of 75.3%
(E) None of these
Updated on: 19 May 2021, 00:14
Originally posted by CrackverbalGMAT on 18 May 2021, 23:55.
Last edited by CrackverbalGMAT on 19 May 2021, 00:14, edited 1 time in total.
Last edited by CrackverbalGMAT on 19 May 2021, 00:14, edited 1 time in total.
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In this question, we are being the overall profit or loss considering both the transactions. Therefore, we will have to find the respective selling prices before we calculate the profit/loss
Cost Price of Shoes = Tk.1600
Profit percentage on shoes = 20%
Therefore, Selling Price of Shoes = 120% of CP = 6/5 * 1600 = Tk.1920
Cost Price of sandals = Tk.960
Loss percentage on sandals = 10%
Therefore, Selling Price of sandals = 90% of CP = 9/10 * 960 = Tk.864
Now, total CP = 1600 + 960 = 2560 and total SP = 1920 + 864 = 2784. So we know for sure that the overall transaction is a profit, by which we can eliminate answer options A and B.
Net profit = 2784 – 2560 = 224. From this we observe that the net profit is less than 10 percent of the total CP, we can now eliminate answer options C and D.
The correct answer option is E.
Hope that helps!
Aravind B T
Cost Price of Shoes = Tk.1600
Profit percentage on shoes = 20%
Therefore, Selling Price of Shoes = 120% of CP = 6/5 * 1600 = Tk.1920
Cost Price of sandals = Tk.960
Loss percentage on sandals = 10%
Therefore, Selling Price of sandals = 90% of CP = 9/10 * 960 = Tk.864
Now, total CP = 1600 + 960 = 2560 and total SP = 1920 + 864 = 2784. So we know for sure that the overall transaction is a profit, by which we can eliminate answer options A and B.
Net profit = 2784 – 2560 = 224. From this we observe that the net profit is less than 10 percent of the total CP, we can now eliminate answer options C and D.
The correct answer option is E.
Hope that helps!
Aravind B T
19 May 2021, 11:29
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CrackVerbalGMAT
I am afraid the highlighted part is incorrect. Although the answer choice does not change.
It is given as A shop sold a pair of shoes for Tk. 1600.00 and a pair of sandals for Tk. 960.00.
We are given that these are the Selling price of the items and not the Cost Price.
On solving we get CP for combined as = 2400 and SP = 2560.
Hence, %P = 160/2400 * 100 = 6.67%
