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21 Mar 2024, 08:28
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D
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
15%
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Question Stats:
84% (01:51) correct
16%
(02:16)
wrong
based on 379
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A merchant bought a coat at a wholesale price of $120 and then sold it at a 20 percent discount off the regular price. If the merchant made a 40 percent profit on the wholesale price of the coat, what was the regular retail price of the coat?
A. $144
B. $168
C. $192
D. $210
E. $240
A. $144
B. $168
C. $192
D. $210
E. $240
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21 Mar 2024, 08:35
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GMATprep2024_2323
Assuming the regular price to be $x, the item was sold for $0.8x. Given that the merchant made a 40% profit, we have 1.4 * $120 = $0.8x. Solving for x, we find x = (1.4 * 120) / 0.8 = $210.
Answer: D.
21 Mar 2024, 09:26
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Bunuel
Thanks, Bunuel. If the merchant made a 40% profit on the sale, wouldn't the price he sold it for be $200? $200 Sale - $120 Cost = $80 Profit. $80 profit on $200 sale = 40% profit margin.
$200 Sale Price is 20% discount to $250 retail price (not an answer choice). I am confused by the 40% profit point. Isn't proft % usually quoted in % of sale price not % of cost?
