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12 Mar 2018, 03:59
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C
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:
75% (01:22) correct
25%
(01:15)
wrong
based on 123
sessions
History
Date
Time
Result
Not Attempted Yet
Maria runs a business of buying and selling of ready-made Tuxedos in her shop. A particular Tuxedo costs her $X. Its a special '25% discount' promotion going on in her shop, so she will have to sell this Tuxedo also at a 25% discount below the label price. At what price should she label this Tuxedo in her shop?
(1) X = 500
(2) She has to earn 20% profit on this Tuxedo.
(1) X = 500
(2) She has to earn 20% profit on this Tuxedo.
12 Mar 2018, 05:22
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We dont know the cost of the tuxedo in the second statement
Suppose , Tux is selling for $100 . 25 % discount would mean it costs 75.
The question also states that she needs to make a 20% profit on it. Since we dont know the cost, I dont think we can set the price
Answer should be A
Suppose , Tux is selling for $100 . 25 % discount would mean it costs 75.
The question also states that she needs to make a 20% profit on it. Since we dont know the cost, I dont think we can set the price
Answer should be A
13 Mar 2018, 11:09
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amanvermagmat
We need to find the marked price or the label price of the Tuxedo.
Statement 1:
So the cost price = $500, but we dont know anything about selling price so we cannot use the 25% discount figure to calculate marked price. Not sufficient.
Statement 2:
20% profit over Cost price will give us the selling price and then we can use the 25% discount figure to calculate marked price. But we dont know the cost price, so we cannot calculate selling price or marked price. Not Sufficient.
Combining the statements:
Cost price = $500, with a profit of 20% the Selling price required = 1.2*500 = $600
But this $600 will be received by Maria after 25% discount over Marked price. This means
Selling price = 25% less than Marked Price or 75% of Marked Price
Since we know the Selling price, we can now calculate the marked price. Sufficient.
Hence C answer
