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Simple one on Profit and Loss

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by knight247 » Sat Jul 02, 2011 11:14 am
A storekeeper sells an item at a profit of 6%. Had he sold at a loss of 2% he would have earned $4 less. Find the selling price of the item.

(A)49
(B)50
(C)52
(D)53
(E)106

OA is D
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by MBA.Aspirant » Sat Jul 02, 2011 1:21 pm
knight247 wrote:A storekeeper sells an item at a profit of 6%. Had he sold at a loss of 2% he would have earned $4 less. Find the selling price of the item.

(A)49
(B)50
(C)52
(D)53
(E)106

OA is D
I think you can backsolve this one

Start with C) 52

52 - C/C = 6/100

5200 - 100 C = 6C

C = 49

49 - S (loss) /49 = 2/100
4900 - 100 S(l) = 98
S (loss) = 48.02

52 - 48.02 = 3.98 < 4

so pick a bigger number D) 53

53 - C/C = 6/100

5300 - 100C = 6c
C = 50

50 - S(l)/50 = 2/100

S(l) = 49

53 - 49 = 4
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