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02 Dec 2014, 09:13
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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:
25%
(medium)
Question Stats:
74% (01:41) correct
26%
(01:38)
wrong
based on 137
sessions
History
Date
Time
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Not Attempted Yet
A lady sold two small investment properties, A and B, for $24,000 each. If she sold property A for 20 percent more than she paid for it, and sold property B for 20 percent less than she paid for it, then, in terms of the net financial effect of these two investments (excluding taxes and expenses), we can conclude that the lady
A) broke even
B) had an overall gain of $1,200
C) had an overall loss of $1,200
D) had an overall gain of $2,000
E) had an overall loss of $2,000
Source: Chili Hot GMAT
A) broke even
B) had an overall gain of $1,200
C) had an overall loss of $1,200
D) had an overall gain of $2,000
E) had an overall loss of $2,000
Source: Chili Hot GMAT
intheend14
02 Dec 2014, 10:14
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Let's look at the investments individually.
A was sold for 20% more than it was bought for. This means $24,000 equals 120% of the buy price (means she bought it for $20,000).
B was sold for 20% less than it was bought for. This means $24,000 equals 80% of the buy price (means she bought it for $30,000).
Overall, she bought for $50,000 and sold for $48,000--netting a loss of $2,000.
E
A was sold for 20% more than it was bought for. This means $24,000 equals 120% of the buy price (means she bought it for $20,000).
B was sold for 20% less than it was bought for. This means $24,000 equals 80% of the buy price (means she bought it for $30,000).
Overall, she bought for $50,000 and sold for $48,000--netting a loss of $2,000.
E
02 Dec 2014, 20:10
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Answer = E) had an overall loss of $2,000
Cost Price of 20% profit property \(= 24000 * \frac{100}{120} = 20000\)
Cost Price of 20% loss property\(= 24000 * \frac{100}{80} = 30000\)
Total cost price = 30000+20000 = 50000
Total sales price = 24000*2 = 48000
Loss = 50000-48000 = 2000
Cost Price of 20% profit property \(= 24000 * \frac{100}{120} = 20000\)
Cost Price of 20% loss property\(= 24000 * \frac{100}{80} = 30000\)
Total cost price = 30000+20000 = 50000
Total sales price = 24000*2 = 48000
Loss = 50000-48000 = 2000
