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by manasi_sh » Sun Oct 07, 2007 8:01 am
A jewelry dealer initially offered a bracelet for sale at an asking price that would give a profit to the dealer of 40 percent of the original cost. What was the original cost of the bracelet?
(1) After reducing this asking price by 10 percent, the jewelry dealer sold the bracelet at a profit of $403.
(2) The jewelry dealer sold the bracelet for $1,953.
ANS: A
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Source: — Data Sufficiency |
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by santsark » Tue Oct 09, 2007 10:51 pm
Why is the answer A?
Let suppose the asking price (selling price) is Y and the cost price is X.
Then Y = 1.4X.

Taking 1 - 0.9Y = X + 430
we can calculate X.

Taking 2 - Y = 1953
we can calculate X.

I think the answer should be D. Either 1 and 2 is sufficient by itself to get the answer.
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by santsark » Tue Oct 09, 2007 10:54 pm
I think the catch is in the word "initially offered ". The dealer wanted to make a profit of 40% but we are not sure what the actual profit the dealer made by selling it for $1953.

Can anyone confirm my understanding?
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by manasi_sh » Thu Oct 11, 2007 9:06 pm
I really dun know..but the answer is A..i can't even understand your explanation..
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by samirpandeyit62 » Thu Oct 11, 2007 9:43 pm
santsark ur understanding is correct,

(2) The jewelry dealer sold the bracelet for $1,953.

now the words "intially offered" would create 2 possibilities here

a) The jewelry was initially offered for a higher price & then sold at $1953 after a bargain.
(In this case we cannot find the OC)

b) The jewelry was initially offered for $1953 & then sold for $1953
(we can find OC here)

So together INSUFF
Regards
Samir
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