[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
A shop buys items and sells them with adding 40% of the buyi
This topic has expert replies
- Max@Math Revolution
- Elite Legendary Member
- Posts: 3991
- Joined: Fri Jul 24, 2015 2:28 am
- Location: Las Vegas, USA
- Thanked: 19 times
- Followed by:37 members
Math Revolution
The World's Most "Complete" GMAT Math Course!
Score an excellent Q49-51 just like 70% of our students.
[Free] Full on-demand course (7 days) - 100 hours of video lessons, 490 lesson topics, and 2,000 questions.
[Course] Starting $79 for on-demand and $60 for tutoring per hour and $390 only for Live Online.
Email to : [email protected]
-
- Legendary Member
- Posts: 2214
- Joined: Fri Mar 02, 2018 2:22 pm
- Followed by:5 members
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.
Thanks
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.
Thanks
- Max@Math Revolution
- Elite Legendary Member
- Posts: 3991
- Joined: Fri Jul 24, 2015 2:28 am
- Location: Las Vegas, USA
- Thanked: 19 times
- Followed by:37 members
=>
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
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
Math Revolution
The World's Most "Complete" GMAT Math Course!
Score an excellent Q49-51 just like 70% of our students.
[Free] Full on-demand course (7 days) - 100 hours of video lessons, 490 lesson topics, and 2,000 questions.
[Course] Starting $79 for on-demand and $60 for tutoring per hour and $390 only for Live Online.
Email to : [email protected]