Pat bought a new car for P dollars and sold it later for M dollars. Th

Question

Competition Mode Question

Pat bought a new car for P dollars and sold it later for M dollars. The difference between the two sale prices was what percent of the initial price?

(1) M - P = 10,000

(2) P/M = 2/3

EncounterGMAT · Answer

ANSWER IS OPTION B. Here's how I solved.

Hope it helps

joohwangie · Answer

The question is basically asking  \frac{M-P}{P}

a. gives us the differences but we do not know what P is 
insufficient

b. gives the ratio of P and M, we know what we are looking for
sufficient

therefore, B

Hazel1134 · Answer

We are to basically find the value of (M-P)/P

Statement 1 - Not sufficient, for we do not know the value of P alone

Statement 2 -> the ratio of M:P is 3:2 . then we assume M is 3 and P is 2, then (3-2) / 2 = .5 or 50%

Since this is a ratio, 6:4 , 12:8 or whatever in line with this ratio should yield the same answer.

Hence the Answer is B

eakabuah · Answer

Cost Price =P, Selling Price=M
We are to find percentage of the difference in the two prices as a percentage of Initial Price P.

1 is insufficient since It only tells us M-P=10,000
(M-P)/P= 10,000/P
Since we don’t know what P is, we are unable to find a unique percentage.

2 Is sufficient. It gives us a relation between M and P in terms of ratios. i.e. P/M=2/3
So we can say that M=3/2 * P
M-P=(3/2 - 1)P =1/2 P
(M-P)/P = 1/2 which is 50%.

Hence the answer is B.

Posted from my mobile device

unraveled · Answer

Pat bought a new car for P dollars and sold it later for M dollars. The difference between the two sale prices was what percent of the initial price?

(1) M - P = 10,000

(2)  \frac{P}{M} = \frac{2}{3}

Cost Price(CP) = P and Selling Price(SP) = M.
Question requires  (\frac{(M – P)}{P})*100  i.e.  \frac{(M – P)}{P}

Basically what is  \frac{M}{P}  ?

Statement 1) M - P = 10,000

M and P can be anything to result difference as 10,000. For example M = 10001 & P = 1 or M = 20001 and P = 10001. Both the cases result in different values of M/P.

INSUFFICIENT.

Statement 2)  \frac{P}{M} = \frac{2}{3} 
Thus,  \frac{M}{P} = \frac{3}{2}

SUFFICIENT.

Answer (B).

Kinshook · Answer

Given: Pat bought a new car for P dollars and sold it later for M dollars.

Asked: The difference between the two sale prices was what percent of the initial price?

\frac{(M-P)}{P}\%  = ?

(1) M - P = 10,000
Since P is unknown
NOT SUFFICIENT

(2) P/M = 2/3 
P/M = 2/3
\frac{M-P}{P} = \frac{1}{2} = 50%
SUFFICIENT

IMO B

Prasannathawait · Answer

IMO B alone is sufficient.
 
Because we know P/M is 2/3 so M-P is 1 and we can get 1/3 is the required percentage.

A is not sufficient because we don't know what is M or P.

Archit3110 · Answer

Pat bought a new car for P dollars and sold it later for M dollars. The difference between the two sale prices was what percent of the initial price?

(1) M - P = 10,000

(2) P/M = 2/3

we need to determine ; M-P/P %
#1
M - P = 10,000
value of P is not know insufficient
#2
P/M = 2/3 
we can solve ; P=2M/3 ; M-P/P % ; M/3 *3/2M ; 50%
IMO B sufficient

arunsankar · Answer

Given : 
 
P - Initial Price (also first sale price)
M - Selling Price (Second sale price)

Difference = |M-P|

Required : |M-P|/P

Statement 1:

M-P = 10000 => |M-P|/P = 10000/(10000-M)

Not sufficient

Down to BCDE

Statement 2:

P/M=2/3 => M=3P/2 => |M-P|/P = |(3P/2)-P|/P = 50%

Sufficient
 
 So the answer is B

exc4libur · Answer

\frac{M-P}{P}? 
(1) M - P = 10,000: we dont know  P , insufic;
(2) P/M = 2/3:  3P=2M…M=3P/2…substitute:\frac{M-P}{P}…\frac{3P/2-P}{P}=0.5*100=50  sufic.

Answer (B)

snoep · Answer

Pat bought a new car for P dollars and sold it later for M dollars. The difference between the two sale prices was what percent of the initial price?

Question is can we find this?
 \frac{|P-M|}{P} * 100

(1) M - P = 10,000
Change in values is 10000, but we don't know the original value, so not sufficient

(2)  \frac{P}{M}  =  \frac{2}{3} 
P = 2x
M = 3x
can we plug in this in above equation and find the difference? yes

Or Other way is plug the no's Let's say P = 10 and M = 15  \frac{P}{M}  = 2/3
can we plug in these values in above equation and find the percent? yes 
sufficient

B is the answer

Pat bought a new car for P dollars and sold it later for M dollars. Th

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