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Profit loss problem

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by coolhabhi » Sun Nov 27, 2016 8:27 am
A person bought certain quantity of rice at the rate of 150 per quintal. 10% of the rice was spoilt. At what price (per quintal) should he sell the remaining rice to earn 20% profit?

a)170
b)175
c)180
d)200
e)225

OE: D
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by [email protected] » Sun Nov 27, 2016 9:53 am
Hi coolhabhi,

This question isn't written in proper GMAT 'style', but the basic concept behind it is something that you could see on Test Day. For anyone who is a bit confused by the language, you can think of the prompt in these terms:

A person bought a pound of rice for $150. 10% of the rice was spoiled. At what price (per pound) should the remaining rice be sold so that a 20% profit is earned on the original purchase.

20% of $150 = $30, so we need to make $180 from the sale of the remaining rice...

.9 pounds of rice = $180
1 pound of rice = $180/.9 = $1800/9 = $200

Final Answer: D

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by GMATGuruNY » Sun Nov 27, 2016 10:43 am
coolhabhi wrote:A person bought certain quantity of rice at the rate of 150 per quintal. 10% of the rice was spoilt. At what price (per quintal) should he sell the remaining rice to earn 20% profit?

a)170
b)175
c)180
d)200
e)225
Let the amount purchased = 10 quintals.
Total cost for 10 quintals = (number of quintals)(price per quintal) = 10*150 = 1500.
Since 20% profit must be earned, the selling price = 1500 + (20% of 1500) = 1500 + 300 = 1800.
Since 10% of the quintals are spoiled, the number of quintals sold = 10 - (10% of 10) = 10 - 1 = 9 quintals.
Price per quintal = (total selling price)/(quintals sold) = 1800/9 = 200.

The correct answer is D.
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