due to the balance

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sanju09: GMAT Instructor; Posts: 3650; Joined: Wed Jan 21, 2009 4:27 amFollowed by: 80 members; Location: India; Thanked: 267 times; GMAT Score:760

by sanju09 » Thu Mar 26, 2009 4:52 am

A faulty balance displays 900 lbs for 1000 lbs. The shopkeeper has set the selling price so as to gain 20 percent. What is his net gain percent due to the balance?
A. 100/3
B. 18
C. 10
D. 8
E. 7 ½

OA D

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Source: Beat The GMAT — Problem Solving | Thu Mar 26, 2009 4:52 am

shulapa: Senior | Next Rank: 100 Posts; Posts: 35; Joined: Thu Nov 13, 2008 8:05 am; Thanked: 6 times

by shulapa » Thu Mar 26, 2009 8:47 am

This is a good question to insert numbers:

Lets assume that the price for buying 1000 lbs was 1000 - 1$ for every lb. So the price intended by the seller in order to gain 20 percent was 1.2$ for every lb. So the total should be 900*1.2 = 1080$. When checking for the gain we see that he actually received 80$ above his buying price, and so he gained only 8 percent.

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