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11 Feb 2020, 10:37
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A
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67% (02:14) correct
33%
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By selling 12 toffees for a dollar, a shopkeeper loses 20%. In order to gain 20% in the transaction, he should sell the toffees at the rate of how many toffees for a dollar?
(a) 8
(b) 6
(c) 4
(d) 3
(e) 10
(a) 8
(b) 6
(c) 4
(d) 3
(e) 10
17 Feb 2020, 04:16
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TheNightKing
We can let C = the cost of the 12 toffees and R = the revenue from the sale of the 12 toffees. We can create the equation:
Profit = -0.2C
R - C = -0.2C
R = 0.8C
1 = 0.8C
1/0.8 = C
1.25 = C
Thus, 12 toffees cost $1.25. In order to make a 20% profit on 12 toffees, the sale price should be 1.25 * 1.2 = $1.50. Then, if 12/1.5 = 8 toffees are sold for $1, a profit of 20% will be realized.
Answer: A
General Discussion
shameekv1989
GMAT 3: 720 Q50 V38
Posts: 816
11 Feb 2020, 13:36
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By selling 12 toffees for a dollar, a shopkeeper loses 20%. In order to gain 20% in the transaction, he should sell the toffees at the rate of how many toffees for a dollar?
(a) 8
(b) 6
(c) 4
(d) 3
(e) 10
Buying Price = x
For 12 toffees :-
Buying Price = 12x
Selling Price = 1
\(Loss = Buying Price - Selling Price => 12x - 1 = 20%(Buying Price) = \frac{12x}{5}\)
\(12x*(\frac{4}{5})=1 => 12x = 5/4 = 1.25\)
To gain 20% he would have to sell 12 toffees at 1.5 $
1.2 B.P = S.P => 1.2*1.25 => 1.5$
If he sells 12 toffees at 1.5, how many would he sell for 1 $
\(= \frac{12}{1.5} = 8\) -> Answer - A
(a) 8
(b) 6
(c) 4
(d) 3
(e) 10
Buying Price = x
For 12 toffees :-
Buying Price = 12x
Selling Price = 1
\(Loss = Buying Price - Selling Price => 12x - 1 = 20%(Buying Price) = \frac{12x}{5}\)
\(12x*(\frac{4}{5})=1 => 12x = 5/4 = 1.25\)
To gain 20% he would have to sell 12 toffees at 1.5 $
1.2 B.P = S.P => 1.2*1.25 => 1.5$
If he sells 12 toffees at 1.5, how many would he sell for 1 $
\(= \frac{12}{1.5} = 8\) -> Answer - A
