Furniture Purchased (Real Gmat Problem)

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Furniture Purchased (Real Gmat Problem)

by relaxin99 » Wed Feb 04, 2009 8:14 pm
A furniture dealer purchased a desk for $150 and then set the selling price equal to the purchase price plus a markup that was 40% of the selling price. If the dealer sold the desk at the selling price, what was the amount of the dealers gross profit from the purchase and the sale of the desk?

A) 40
B) 60
C) 80
D) 90
E) 100

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by blitz28 » Wed Feb 04, 2009 8:56 pm
My Answer Is 100!

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by blitz28 » Wed Feb 04, 2009 8:58 pm
This is what i think-

Selling price= Purchase price+40% markup

Thus
x= 150+2X/5

thus x= 250

The total profit is x-150 = 250-150

100

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by relaxin99 » Wed Feb 04, 2009 9:23 pm
Yes the answer is 100, thanks for the explanation. I think i just read the problem incorrectly

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by carllecat » Thu Feb 05, 2009 10:18 am
blitz28 wrote:This is what i think-

Selling price= Purchase price+40% markup

Thus
x= 150+2X/5

thus x= 250

The total profit is x-150 = 250-150

100
I would like to bring a correction to the equation

x = 150 + (2/5)x

Cheers!