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Master | Next Rank: 500 Posts
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by grandh01 » Thu Sep 06, 2012 9:32 pm
The purchase price of an article is $48.
In order to include %15 of the cost for
overhead and to provide $12 of net profit,
the markup should be?
1) 15%
2) 25%
3) 35%
4) %40
5) 45%

OA is D
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by alex.gellatly » Thu Sep 06, 2012 9:40 pm
grandh01 wrote:The purchase price of an article is $48.
In order to include %15 of the cost for
overhead and to provide $12 of net profit,
the markup should be?
1) 15%
2) 25%
3) 35%
4) %40
5) 45%
/quote]

The markup needs to be %15 of the cost so: 48*.15= $7.2
We also need to add 12 for the net profit. 7.2+12= $19.2
So the mark up needs to be $19.20, but the answers are in %, not $... so wee need to see what % 19.20 is of the original cost ($48). So...
48x=19.2 (x being the markup in %)
Solving for x we get x=%40...
The correct answers is D.

Let me know if this helps.
A useful website I found that has every quant OG video explanation:

https://www.beatthegmat.com/useful-websi ... tml#475231
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