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A shop buys items and sells them with adding 40% of the buyi

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by Max@Math Revolution » Thu Nov 21, 2019 12:36 am
[GMAT math practice question]

A shop buys items and sells them with adding 40% of the buying price. When the shop sells the items with $50 discount each, it makes a $300 profit per item. What is the difference between the buying price and the selling price?

A. $1155
B. $1225
C. $1355
D. $1455
E. $1555
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by deloitte247 » Sun Nov 24, 2019 11:38 am
Let buying price = x
Selling price = x + 40% of x = x + 0.4x = 1.4x
Profit without discount = 40% of x
Profit with discount of $50 = $300
Total profit without discount = $300 + $50 = $350
Profit without discount = 40% of x
and 40% of x = 350
0.4x = 350
x = 350/0.4 = $875

Buying/Cost price = $875
Selling price = 1.4x where x = 875
= 1.4 * 875 = $1225

Difference between buying and selling = selling price - buying price
= $1225 - $875
= $350

Based on the answer we got for the ''difference between buying and selling,'' it is far from the options provided; this implies that the question may be wrong.
However, if we are to consider the available options, the question is supposed to be "What is the selling price?" and with this, Option B = $1225 would be the correct answer.

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by Max@Math Revolution » Sun Nov 24, 2019 5:55 pm
=>


Assume b and s are the buying price and the selling price, respectively.

We have 1.4b – 50 = b + 300 or 0.4b = 350.
Then we have b= 875 and s = 875 + 0.4(875) = 1225.

Therefore, B is the answer.
Answer: B
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