Events & Promotions
|
|
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
May 0111:00 AM PDT
-12:00 PM PDT
Free- full-length test + 15 concept videos + 150+ short videos + study plan!
Apr 3001:30 AM EDT
-02:30 AM EDT
At one point, she believed GMAT wasn’t for her. After scoring 595, self-doubt crept in and she questioned her potential. But instead of quitting, she made the right strategic changes. The result? A remarkable comeback to 695. Check out how Saakshi did it.
May 0306:30 AM PDT
-08:30 AM PDT
Verbal trouble on GMAT? Fix it NOW! Join Sunita Singhvi for a focused webinar on actionable strategies to boost your Verbal score and take your performance to the next level.
16 Sep 2014, 00:21
Kudos
Bookmarks
A car dealership sold two cars: Car A at a 10% profit and Car B at a 10% loss, resulting into an overall profit of 5% from the two sales. If the dealership's profit from these two cars was $1,000, what was the initial cost of cars A and B?
A. $5,000 and $1,000
B. $9,000 and $5,000
C. $11,000 and $9,000
D. $15,000 and $5,000
E. $20,000 and $10,000
A. $5,000 and $1,000
B. $9,000 and $5,000
C. $11,000 and $9,000
D. $15,000 and $5,000
E. $20,000 and $10,000
16 Sep 2014, 00:21
Kudos
Bookmarks
Official Solution:
A car dealership sold two cars: Car A at a 10% profit and Car B at a 10% loss, resulting into an overall profit of 5% from the two sales. If the dealership's profit from these two cars was $1,000, what was the initial cost of cars A and B?
A. $5,000 and $1,000
B. $9,000 and $5,000
C. $11,000 and $9,000
D. $15,000 and $5,000
E. $20,000 and $10,000
Since the dealership had an overall profit of 5% and that equals to $1,000, we can determine that the total cost price of the two cars was $20,000 (0.05*x = 1,000 giving x = 20,000).
Among the options, only options C and D give the total cost price of the two cars as $20,000. Let's check one of them:
C. Cost prices of the two cars are given as $11,000 and $9,000. The profit from the first car would be \(0.1*$11,000=$1,100\) and the loss from the second car would be \(0.1*$9,000=$900\). So, the overall profit would be \($1,100-$900=$200\), which is not equal to the total profit of $1,000. Therefore, option C is incorrect.
So, we are left with only option D, which must be correct.
Answer: D
A car dealership sold two cars: Car A at a 10% profit and Car B at a 10% loss, resulting into an overall profit of 5% from the two sales. If the dealership's profit from these two cars was $1,000, what was the initial cost of cars A and B?
A. $5,000 and $1,000
B. $9,000 and $5,000
C. $11,000 and $9,000
D. $15,000 and $5,000
E. $20,000 and $10,000
Since the dealership had an overall profit of 5% and that equals to $1,000, we can determine that the total cost price of the two cars was $20,000 (0.05*x = 1,000 giving x = 20,000).
Among the options, only options C and D give the total cost price of the two cars as $20,000. Let's check one of them:
C. Cost prices of the two cars are given as $11,000 and $9,000. The profit from the first car would be \(0.1*$11,000=$1,100\) and the loss from the second car would be \(0.1*$9,000=$900\). So, the overall profit would be \($1,100-$900=$200\), which is not equal to the total profit of $1,000. Therefore, option C is incorrect.
So, we are left with only option D, which must be correct.
Answer: D
shasadou
Joined: 12 Aug 2015
Last visit: 24 Nov 2022
Posts: 219
Given Kudos: 1,475
Concentration: General Management, Operations
Schools: Johnson '18 (WL) Duke '18 (M) Tuck '18 (D)
GMAT 1: 640 Q40 V37
GMAT 2: 650 Q43 V36
GMAT 3: 600 Q47 V27
GPA: 3.3
WE:Management Consulting (Consulting)
josegf1987
Hi
this shortcut looks the following way: please the pic.
1. Draw a number line and place values (5 is midpoint, Y is 15 points from the midpoint because it is a loss)
2. The closer to average the greater the weight (X is greater that Y)
3. Configure a proportion where X gets the corresponding value (greater value because weight is greater)
4. X relates to Y just the same way as 15 relates to 5, because X weighs more than Y.
5. Only answer D matches our fraction 15:5
Attachments
File comment: visualization
weighted average.JPG [ 30.69 KiB | Viewed 99415 times ]
