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Word Problem  A craftsman sold his identical handcrafted items at a p
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22 Jan 2017, 01:14
Question Stats:
50% (02:13) correct 50% (02:25) wrong based on 88 sessions
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Q.) A craftsman sold his identical handcrafted items at a profit of 20 percent. Had he charged 20 percent more per item, his profit per item would have been $9.6 more. What price did he charge, in dollars, for each item? A. 24 B. 28.8 C. 40 D. 48 E. 57.6 Thanks, Saquib Quant Expert eGMATRegister for our Free Session on Number Properties (held every 3rd week) to solve exciting 700+ Level Questions in a classroom environment under the realtime guidance of our Experts
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Word Problem  A craftsman sold his identical handcrafted items at a p
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Updated on: 27 Jan 2017, 23:50
The official solution has been posted. Looking forward to a healthy discussion..
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Re: Word Problem  A craftsman sold his identical handcrafted items at a p
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22 Jan 2017, 12:04
EgmatQuantExpert wrote: Q.) A craftsman sold his identical handcrafted items at a profit of 20 percent. Had he charged 20 percent more per item, his profit per item would have been $9.6 more. What price did he charge, in dollars, for each item? A. 24 B. 28.8 C. 40 D. 48 E. 57.6 Thanks, Saquib Quant Expert eGMATRegister for our Free Session on Number Properties (held every 3rd week) to solve exciting 700+ Level Questions in a classroom environment under the realtime guidance of our Experts Let x be CP of item then profit of 20% over already increased 20% of Cost price = (6/5)^2*x profit @ only 20% increase = (6/5)*xx = 0.2x per stem (6/5)^2*x = 0.2x+9.2 6x/25=9.6 x=40 thus initially he charge 20% profit over $40 (6/5)*40 = $48 Ans D



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Re: Word Problem  A craftsman sold his identical handcrafted items at a p
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27 Jan 2017, 23:49
Hey, PFB the official solution. Given: • Let the Cost Price of each item be\(C\) dollars and the selling price be \(S\)dollars • If Selling Price is \(20\)% more, profit per item is $\(9.6\) more To find: Approach: 1. To find the value of S, we need to draft an equation in terms of S. 2. We’re given the relation between Old Profit (when the selling price is S) and the New Profit (when the selling price is 20% greater than S). We’ll use this relation to draft an equation in terms of S. Working Out: • New Selling Price = \(S + 20% * S = S + 0.2S = 1.2S\) • New Profit = (Old Profit) + $\(9.6\)
o New profit = New SP – CP \(= 1.2S – C\) o Old profit = Old SP – CP\(= S  C\) • So, \((1.2S – C) = (S – C) + 9.6\)• \(0.2S = 9.6\) • \(S = \frac{9.6}{0.2}\) • \(S = 48\) Looking at the answer choices, we see that the correct answer is Option DThanks, Saquib Quant Expert eGMATRegister for our Free Session on Number Properties (held every 3rd week) to solve exciting 700+ Level Questions in a classroom environment under the realtime guidance of our Experts
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Re: Word Problem  A craftsman sold his identical handcrafted items at a p
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28 Jan 2017, 00:40
The price after 20% percent profit = 1.2x
Another 20% profit means 1.2x/5 = 0.24x = 9.6
x = 40.
So the original price = 40 + 40/5 = 48.



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Re: Word Problem  A craftsman sold his identical handcrafted items at a p
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26 Mar 2019, 02:23
Hello Saqib,
Its not clear from the stem that 20% more on the Selling price of 1.2C (which will make the selling price 1.44C), or 20% extra of CP on the selling price (which will make the selling price 1.2C+.2C = 1.4C)
Only thing mentioned is : Had he charged 20 percent more per item
Kindly explain, to understand better.



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Re: Word Problem  A craftsman sold his identical handcrafted items at a p
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30 Mar 2019, 03:13
EgmatQuantExpert wrote: Hey, PFB the official solution. Given: • Let the Cost Price of each item be\(C\) dollars and the selling price be \(S\)dollars • If Selling Price is \(20\)% more, profit per item is $\(9.6\) more To find: Approach: 1. To find the value of S, we need to draft an equation in terms of S. 2. We’re given the relation between Old Profit (when the selling price is S) and the New Profit (when the selling price is 20% greater than S). We’ll use this relation to draft an equation in terms of S. Working Out: • New Selling Price = \(S + 20% * S = S + 0.2S = 1.2S\) • New Profit = (Old Profit) + $\(9.6\)
o New profit = New SP – CP \(= 1.2S – C\) o Old profit = Old SP – CP\(= S  C\) • So, \((1.2S – C) = (S – C) + 9.6\)• \(0.2S = 9.6\) • \(S = \frac{9.6}{0.2}\) • \(S = 48\) Looking at the answer choices, we see that the correct answer is Option DCould you please explain why So, \((1.2S – C) = (S – C) + 9.6\)• \(0.2S = 9.6\) I just couldnt get it.




Re: Word Problem  A craftsman sold his identical handcrafted items at a p
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30 Mar 2019, 03:13






