BREAKING: Target Test Prep releases Brand New 2026 On Demand GMAT prep course

Redeem

Target Test Prep · GMAT

Choose how you want to prepare

Learn live with an expert or move at your own pace. Every option includes the complete TTP study system.

★★★★★5.0559 reviews
GMATLiveTeach 7 seats left
Chris Peckover
NEXT LIVE COHORT

Oct 13 to Jan 7, 2027

with Chris Peckover

Schedule
Tue, Thu · 8:00 to 10:00 PM ET
Included
40 live hours + 6 months of GMAT OnDemand
  • Live instruction and real-time questions
  • Class recordings and assigned practice
View class & enroll
Limited cohort · enrollment openTarget Test Prep
EALiveTeach 5 seats left
Logan Thompson
EXECUTIVE ASSESSMENT

Sep 6 to Dec 6, 2026

with Logan Thompson

Schedule
Sun · 9:30 AM to 12:30 PM ET
Included
40 hours of live online classes plus six months of access to the complete TTP EA OnDemand course.
  • 165+ EA Score Guarantee
  • 4,100+ Quant, Verbal, and Integrated Reasoning practice questions
  • 400+ hours of in-depth video lessons
  • 3,000+ step-by-step video solutions
View EA class & enroll
Limited cohort · enrollment openTarget Test Prep
GMATOnDemand Start anytime
SELF-PACED MASTERCLASS

Target Test Prep GMAT OnDemand

Complete access from day one. Study on your schedule.

715+ score guarantee
$0to start then $127/mo
  • Personalized study plan and analytics
  • Thousands of lessons and practice questions
Start free 5-day trial
Read 559 reviewsTarget Test Prep

Compare the format, schedule, and included access before enrolling. Prices and seat counts shown reflect the supplied offer details.

Profit loss problem

Expert replies
Post new topic Post Reply
Previous Topic Next Topic
Master | Next Rank: 500 Posts
Posts: 141
Joined: Tue Oct 04, 2011 5:17 am
Thanked: 25 times
by coolhabhi » Sun Nov 27, 2016 8:27 am
A person bought certain quantity of rice at the rate of 150 per quintal. 10% of the rice was spoilt. At what price (per quintal) should he sell the remaining rice to earn 20% profit?

a)170
b)175
c)180
d)200
e)225

OE: D
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Source: — Problem Solving |

GMAT/MBA Expert

User avatar
Elite Legendary Member
Posts: 10392
Joined: Sun Jun 23, 2013 6:38 pmFollowed by: 511 members
Location: Palo Alto, CA
Thanked: 2867 times
GMAT Score:800

by [email protected] » Sun Nov 27, 2016 9:53 am
Hi coolhabhi,

This question isn't written in proper GMAT 'style', but the basic concept behind it is something that you could see on Test Day. For anyone who is a bit confused by the language, you can think of the prompt in these terms:

A person bought a pound of rice for $150. 10% of the rice was spoiled. At what price (per pound) should the remaining rice be sold so that a 20% profit is earned on the original purchase.

20% of $150 = $30, so we need to make $180 from the sale of the remaining rice...

.9 pounds of rice = $180
1 pound of rice = $180/.9 = $1800/9 = $200

Final Answer: D

GMAT assassins aren't born, they're made,
Rich
Contact Rich at [email protected]
Image
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
User avatar
GMAT Instructor
Posts: 15539
Joined: Tue May 25, 2010 12:04 pmFollowed by: 1906 members
Location: New York, NY
Thanked: 13060 times
GMAT Score:790

by GMATGuruNY » Sun Nov 27, 2016 10:43 am
coolhabhi wrote:A person bought certain quantity of rice at the rate of 150 per quintal. 10% of the rice was spoilt. At what price (per quintal) should he sell the remaining rice to earn 20% profit?

a)170
b)175
c)180
d)200
e)225
Let the amount purchased = 10 quintals.
Total cost for 10 quintals = (number of quintals)(price per quintal) = 10*150 = 1500.
Since 20% profit must be earned, the selling price = 1500 + (20% of 1500) = 1500 + 300 = 1800.
Since 10% of the quintals are spoiled, the number of quintals sold = 10 - (10% of 10) = 10 - 1 = 9 quintals.
Price per quintal = (total selling price)/(quintals sold) = 1800/9 = 200.

The correct answer is D.
Private tutor exclusively for the GMAT and GRE, with over 20 years of experience.
Followed here and elsewhere by over 1900 test-takers.
I have worked with students based in the US, Australia, Taiwan, China, Tajikistan, Kuwait, Saudi Arabia -- a long list of countries.
My students have been admitted to HBS, CBS, Tuck, Yale, Stern, Fuqua -- a long list of top programs.

As a tutor, I don't simply teach you how I would approach problems.
I unlock the best way for YOU to solve problems.

For more information, please email me (Mitch Hunt) at [email protected].
Student Review #1
Student Review #2
Student Review #3
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Post new topic Post Reply
• Page 1 of 1