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GMATPrep Test 1 #2_PS Word Prob Basic #13

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by Anurag@Gurome » Sun Mar 11, 2012 8:38 pm
kwah wrote:What is the most efficient way to achieve the result for question attached?

Answer: B

Thanks,
K
Gross profit = selling price - cost price
Let the cost price = C
Then 25% of C = 80 - C
C/4 = 80 - C
5C = 320
C = $64

Therefore, retailer's gross profit = $80 - $64 = [spoiler]$16[/spoiler]

The correct answer is B.
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by dhiren8182 » Sun Mar 11, 2012 10:11 pm
I solved in this way.
Profit=Sp-Cp
Given: SP=80
Let CP=x
so profit =0.25 x(given)
therfore 0.25x=80-x
therefore 1.25x=80
so x=20
answer is B
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