BREAKING: Target Test Prep releases Brand New 2026 On Demand GMAT prep course

Redeem
TTP OnDemand GMAT Video Course
Featured Course

Target Test Prep GMAT OnDemand

Scott Woodbury-Stewart’s private virtual classroom — 400 hours of master-class video lessons for the GMAT Focus Edition.

  • 715+ score guarantee — highest in the industry (99th percentile)
  • 52 chapters · 1,500+ lessons · 4,000+ practice questions
  • 400 hours of video · 1,500+ instructor-led HD smartboard lessons
  • 300,000+ students accepted to Harvard, Stanford, Wharton, Booth & Sloan & more
  • 24/7 live support + weekly Zoom office hours with GMAT instructors
  • TTP AI Assist — 24/7 AI-powered virtual tutor for instant help
  • 1,200+ flashcards + AI-powered study assistant & daily calendar
  • OnDemand, LiveTeach & GMAT Bootcamp formats available
  • Also: GRE, SAT Math & Executive Assessment courses
  • MBA Admissions Consulting now available
  • 🏆 2025 EdTech Breakthrough Award: Test Prep Solution Provider of the Year
  • 200,000+ students served
  • 5-day free trial — $0 to start, no auto-billing, cancel anytime
★★★★★ 5.0 (559 reviews)
130-pt guarantee
$0 to start then $127/mo
Start Free 5-Day Trial Read 559 Reviews →

profit and loss

Expert replies
Post new topic Post Reply
Previous Topic Next Topic
Senior | Next Rank: 100 Posts
Posts: 63
Joined: Sat Dec 24, 2011 9:47 am
Location: India
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???
Himanshu Chauhan
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Source: — Problem Solving |
User avatar
Master | Next Rank: 500 Posts
Posts: 210
Joined: Thu Mar 08, 2012 11:24 pmFollowed by: 3 members
Thanked: 62 times

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%
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
User avatar
GMAT Instructor
Posts: 15539
Joined: Tue May 25, 2010 12:04 pmFollowed by: 1906 members
Location: New York, NY
Thanked: 13060 times
GMAT Score:790

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.
Private tutor exclusively for the GMAT and GRE, with over 20 years of experience.
Followed here and elsewhere by over 1900 test-takers.
I have worked with students based in the US, Australia, Taiwan, China, Tajikistan, Kuwait, Saudi Arabia -- a long list of countries.
My students have been admitted to HBS, CBS, Tuck, Yale, Stern, Fuqua -- a long list of top programs.

As a tutor, I don't simply teach you how I would approach problems.
I unlock the best way for YOU to solve problems.

For more information, please email me (Mitch Hunt) at [email protected].
Student Review #1
Student Review #2
Student Review #3
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Junior | Next Rank: 30 Posts
Posts: 15
Joined: Mon Aug 06, 2012 8:06 am
Thanked: 1 times

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

-KK
Top
Join the discussion
Log in to postLogin with Googleuse password
QUOTE IN REPLY
Post new topic Post Reply
• Page 1 of 1