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profit and loss

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by him1985 » Tue Aug 14, 2012 10:21 pm
While selling, a businessman allows 40% discount on the marked price and there
is a loss of 30%. If it is sold at the marked price, profit percent will be
(A) 10%
(B) 20%
(C)16 2/3 %
(D)16 1/3%

OA : C
any shortcut for such questions???
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by niketdoshi123 » Tue Aug 14, 2012 10:47 pm
him1985 wrote:While selling, a businessman allows 40% discount on the marked price and there
is a loss of 30%. If it is sold at the marked price, profit percent will be
(A) 10%
(B) 20%
(C)16 2/3 %
(D)16 1/3%
Pick number
Let the marked price be $100
Price after 40% discount = $100 - 40%of $100 = $60
loss = (CP - SP)/CP
30/100 = (CP - 60)/CP
=> 3CP = 10CP - 600
=> CP = 600/7

So profit % on marked price = (100 - 600/7)/600/7 * 100
=> 1/6* 100
=>50/3% = 16 2/3%
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by GMATGuruNY » Wed Aug 15, 2012 2:48 am
him1985 wrote:While selling, a businessman allows 40% discount on the marked price and there
is a loss of 30%. If it is sold at the marked price, profit percent will be
(A) 10%
(B) 20%
(C)16 2/3 %
(D)16 1/3%
(60% of the marked price)/(70% of the cost) = (marked price)/x.
60/70 = 1/x
x = 7/6.

Since he makes 7/6 of the cost, the profit = 1/6, the equivalent of 16 2/3%.

The correct answer is C.
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by Kobe_Kassidy » Wed Aug 15, 2012 9:20 am
him1985 wrote:While selling, a businessman allows 40% discount on the marked price and there
is a loss of 30%. If it is sold at the marked price, profit percent will be
(A) 10%
(B) 20%
(C)16 2/3 %
(D)16 1/3%

OA : C
any shortcut for such questions???
When you read that you want to find the profit percent, immediately think of the ratio MP/CP, which is marked price (or sell price) divided by the cost price.

So when I read the question, I immediately formed the equation: .60 * MP = .70 * CP

Then, use basic algebra to get MP/CP = .70/.60

.70/.60 = 7/6, or 1 and 1/6. The 1/6 tells you the percent profit: 16 2/3

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