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adthedaddy: Master | Next Rank: 500 Posts; Posts: 167; Joined: Fri Mar 09, 2012 8:35 pm; Thanked: 39 times; Followed by:3 members

FDPs

by adthedaddy » Mon Aug 13, 2012 4:13 pm

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Following is one illustration from MGMAT Book-2.
I am not able to understand it, plz help.

Q: A dress is marked up 16(2/3)% to a final price of $140. What is the original price ofthe dress?

Soln:
We know that 16(2/3)% = 1/6.
"Thus adding 1/6 number to itself is the same as multiplying by 1+(1/6)=7/6"

I am not able to understand why the above step was performed.

Final Answer is $120.

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Source: Beat The GMAT — Problem Solving | Mon Aug 13, 2012 4:13 pm

theCEO: Master | Next Rank: 500 Posts; Posts: 363; Joined: Sun Oct 17, 2010 3:24 pm; Thanked: 115 times; Followed by:3 members

by theCEO » Mon Aug 13, 2012 5:56 pm

adthedaddy wrote:Following is one illustration from MGMAT Book-2.
I am not able to understand it, plz help.

Q: A dress is marked up 16(2/3)% to a final price of $140. What is the original price ofthe dress?

Soln:
We know that 16(2/3)% = 1/6.
"Thus adding 1/6 number to itself is the same as multiplying by 1+(1/6)=7/6"

I am not able to understand why the above step was performed.

Final Answer is $120.

Original price of dress = 100% x
Mark up percentage = 16.23% (100% x) = 16.23% x
New Price = 100% x + 16.23% x = 116.23% x = $140
x = $140 / 116.23% = 120

Orginal price = x = 100%x = (6/6) x
If if it mark up by 1/6, it means the value increases by 1/6 ->
x + (1/6)x = 6x/6 + x/6 = 7x/6 = 140
x = 120

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GMATGuruNY: GMAT Instructor; Posts: 15539; Joined: Tue May 25, 2010 12:04 pm; Location: New York, NY; Thanked: 13060 times; Followed by:1906 members; GMAT Score:790

by GMATGuruNY » Mon Aug 13, 2012 6:36 pm

adthedaddy wrote:Following is one illustration from MGMAT Book-2.
I am not able to understand it, plz help.

Q: A dress is marked up 16(2/3)% to a final price of $140. What is the original price ofthe dress?

Soln:
We know that 16(2/3)% = 1/6.
"Thus adding 1/6 number to itself is the same as multiplying by 1+(1/6)=7/6"

I am not able to understand why the above step was performed.

Final Answer is $120.

The mark-up = 16 2/3 % = (50/3)/100 = 1/6.
The final price is 1/6 greater than the original price.
To increase a value by 1/6 is to ADD 1/6 of the original value:
x + (1/6)x = (7/6)x.
In other words, the final price is 7/6 of the original price.
Since the final price is 7/6 of the original price, the original price is 6/7 of the final price:
Original = (6/7)140 = 120.

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Scott@TargetTestPrep: GMAT Instructor; Posts: 8086; Joined: Sat Apr 25, 2015 10:56 am; Location: Los Angeles, CA; Thanked: 43 times; Followed by:29 members

Re: FDPs

by Scott@TargetTestPrep » Mon Sep 28, 2020 10:31 am

adthedaddy wrote: ↑
Mon Aug 13, 2012 4:13 pm
Following is one illustration from MGMAT Book-2.
I am not able to understand it, plz help.

Q: A dress is marked up 16(2/3)% to a final price of $140. What is the original price ofthe dress?

Soln:
We know that 16(2/3)% = 1/6.
"Thus adding 1/6 number to itself is the same as multiplying by 1+(1/6)=7/6"

I am not able to understand why the above step was performed.

Final Answer is $120.

Solution:

Let the original price of the dress be p. We can create the equation:

p * (1 + (16 ⅔)/100) = 140

p * (1 + 1/6) = 140

p * 7/6 = 140

p = 140 * 6/7 = $120

Answer: $120

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