Tommy's office organizes company trips from its employees. The company allows employees to register for the trip for a

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by Vincen » Fri Dec 11, 2020 1:03 am

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Tommy's office organizes company trips from its employees. The company allows employees to register for the trip for a down payment of $\$63,$ a $10\%$ markup over the amount the company spends per person on this trip. If employees change their minds, they can cancel their registration but will receive only a $90\%$ refund on their payment. If $100$ people registered for the trip but $50$ canceled, and if the company does not spend money on canceled registrations, then what was Tommy's office's approximate profit or loss on the trip as a percentage of their total expenses?

A. $15\%$ loss
B. $20\%$ loss
C. $10\%$ profit
D. $15\%$ profit
E. $20\%$ profit

Answer: E

Source: Economist

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