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09 Aug 2023, 05:00
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B
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86% (01:01) correct
14%
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wrong
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Janet purchased a house and later sold it at a price that was greater than the purchase price. The difference between the amount for which Janet sold the house and the amount for which she purchased the house was what percent of the amount for which she purchased the house?
(1) Janet purchased the house for $88,000.
(2) The amount for which Janet sold the house was 9/8 of the amount for which she purchased the house.
(1) Janet purchased the house for $88,000.
(2) The amount for which Janet sold the house was 9/8 of the amount for which she purchased the house.
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09 Aug 2023, 05:30
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I think the answer should be (B).
As per option 2
Let the purchase price be x.
Sell price is 9/8x.
The difference between sell price and purchase price is 9/8x - x = 1/8x
And the ratio of the difference between the two prices to purchase price is is 1/8. Comes to 1/8 * 100 = 12.5% Sufficient to answer the question.
But with option 1, no purchase price is mentioned so cant calculate anything.
As per option 2
Let the purchase price be x.
Sell price is 9/8x.
The difference between sell price and purchase price is 9/8x - x = 1/8x
And the ratio of the difference between the two prices to purchase price is is 1/8. Comes to 1/8 * 100 = 12.5% Sufficient to answer the question.
But with option 1, no purchase price is mentioned so cant calculate anything.
09 Aug 2023, 21:40
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Bunuel
Purchase price of the house = \(p\)
Selling price of the house = \(s\)
"...difference between the amount for which Janet sold the house and the amount for which she purchased.." is the profit that Janet makes by selling the house.
Profit = \(s - p\)
Required Percentage = \(\frac{s - p}{p} * 100\)
= \((\frac{s}{p} - 1) * 100\)
Hence, if we can find the ratio of \(\frac{s}{p}\), we can answer the question.
Statement 1
(1) Janet purchased the house for $88,000.
The statement alone is not sufficient as we are presented with the value of \(p\). We need the ratio of \(\frac{s}{p}\) to answer the question. Hence, we can eliminate options A and D.
Statement 2
(2) The amount for which Janet sold the house was 9/8 of the amount for which she purchased the house.
\(\frac{s}{p} = \frac{9}{8}\)
Perfect! As we have the ratio of \(\frac{s}{p}\), we can use the information to find the required percentage. This is a DS question, so we don't need to find the value; we do have the required information to arrive at a unique answer. Hence, the statement alone is sufficient.
Option B
