Mikrislac wrote: ↑Sun Aug 02, 2020 4:07 pm
Carol bought a toolbox for $X and then sold it for $Y, thereby earning a profit of 20%. Had the value of X been 15% less and the value of Y $76 less, Carol would have earned a profit of 30% . What was the value of X?
A. $400
B. $600
C. $640
D. $800
E. $840
Then,
y = x + 20% of x = 1.2x;
Now,
New cost price = x – 15% of x = $0.85x;
New sale price = $(y – 76);
Revised profit = [{(y – 76) – 0.85x} / 0.85x]*100% = 30%
Replacing the value of y, we get
[{(1.2x – 76) – 0.85x} / 0.85x]*100% = 30%
Upon solving, we get x = $800
Correct answer:
D
Hope this helps!
-Jay
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