A retailer sold an appliance for 30 percent above cost, which represented a gross profit of $21.00. For what price did the retailer sell the appliance?
(A) $27.30
(B) $51.00
(C) $63.00
(D) $70.00
(E) $91.00
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Hi C Okigbo,
This question can be solved in a couple of different ways. Here's how you would set it up algebraically:
X = cost of appliance
1.3X = sell price
Gross Profit = sell price - cost = 1.3X - X = $21.00
.3X = $21.00
3X = $210.00
X = $70
Sell Price = (1.3)(70) = $91
Final Answer: E
GMAT assassins aren't born, they're made,
Rich
This question can be solved in a couple of different ways. Here's how you would set it up algebraically:
X = cost of appliance
1.3X = sell price
Gross Profit = sell price - cost = 1.3X - X = $21.00
.3X = $21.00
3X = $210.00
X = $70
Sell Price = (1.3)(70) = $91
Final Answer: E
GMAT assassins aren't born, they're made,
Rich
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sanju09
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30 percent of what is $21.00? It's $70.00; and selling price must be more than $70.00.C Okigbo wrote:A retailer sold an appliance for 30 percent above cost, which represented a gross profit of $21.00. For what price did the retailer sell the appliance?
(A) $27.30
(B) $51.00
(C) $63.00
(D) $70.00
(E) $91.00
Only (E) $91.00 available.
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Sanjeev K Saxena
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www.manyagroup.com
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Matt@VeritasPrep
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Putting the equation in words first can be helpful:C Okigbo wrote:A retailer sold an appliance for 30 percent above cost, which represented a gross profit of $21.00. For what price did the retailer sell the appliance?
(A) $27.30
(B) $51.00
(C) $63.00
(D) $70.00
(E) $91.00
Cost + (30% of Cost) = Cost + $21
or
c + .3c = c + 21
or
.3c = 21
So c = 70, and we're done!
