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A retailer sold an appliance for 30 percent above the cost, which represented a gross profit of $21.00...

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by BTGmoderatorLU » Thu Oct 22, 2020 8:32 am
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Source: GMAT Paper Tests

A retailer sold an appliance for 30 percent above the cost, which represented a gross profit of $21.00. For what price did the retailer sell the appliance?

A. $27.30
B. $51.00
C. $63.00
D. $70.00
E. $91.00

The OA is E
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Re: A retailer sold an appliance for 30 percent above the cost, which represented a gross profit of $21.00...

by Scott@TargetTestPrep » Tue Oct 27, 2020 8:26 am
BTGmoderatorLU wrote: ↑
Thu Oct 22, 2020 8:32 am
 Source: GMAT Paper Tests

A retailer sold an appliance for 30 percent above the cost, which represented a gross profit of $21.00. For what price did the retailer sell the appliance?

A. $27.30
B. $51.00
C. $63.00
D. $70.00
E. $91.00

The OA is E
Solution:

We can let x = the cost of the appliance, and create the equation:

Revenue - Cost = Profit

1.3x - x = 21

0.3x = 21

x = 21/0.3 = 210/3 = 70

Since the selling price (or revenue) of the appliance is 1.3x, the selling price is 1.3(70) = $91.

Answer: E

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