Manhattan GMAT Test: Percent

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preciousrain7: Senior | Next Rank: 100 Posts; Posts: 78; Joined: Thu Dec 06, 2007 4:16 pm; Location: NYC, NY; Thanked: 2 times

by preciousrain7 » Sun Apr 13, 2008 10:42 am

I am having a hard time understanding the language in the problem.
Thanks in advance!

A retailer bought a shirt at wholesale and marked it up 80% to its initial retail price of $45. By how many more dollars does he need to increase the price to achieve a 100% markup?

a. 1
b. 2
c. 3
d. 4
e. 5

answer is: e

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Source: Beat The GMAT — Problem Solving | Sun Apr 13, 2008 10:42 am

simplyjat: Master | Next Rank: 500 Posts; Posts: 423; Joined: Thu Dec 27, 2007 1:29 amFollowed by: 2 members; Location: Hyderabad, India; Thanked: 36 times; GMAT Score:770

by simplyjat » Sun Apr 13, 2008 10:46 am

mark up is equivalent to increase.
The question says 180%X = 45. What is (200%-180%)X, or what is 20%X?

simplyjat

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ritz: Senior | Next Rank: 100 Posts; Posts: 59; Joined: Sat Mar 08, 2008 5:15 pm; Location: Cincinnati; Thanked: 3 times

by ritz » Sun Apr 13, 2008 1:37 pm

read it actively (start thinking mentally as you read the problem) & you will not have any problem what so ever..

A retailer bought a shirt at wholesale (X) and marked it up 80% (marked it up 80%, i.e. 180X/100)to its initial retail price of $45 (hmm, so that means 180X/100 = 45). By how many more dollars does he need to increase the price to achieve a 100% (what is 200X/100)markup?

Once you read it this way, you will know that you need to find
first, X
Then 2X
& then 1.8X is to be substracted to get the annswer as out of 2X, 1.8X increase has already been done.

Hope this helps.
regards
Ritz

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preciousrain7: Senior | Next Rank: 100 Posts; Posts: 78; Joined: Thu Dec 06, 2007 4:16 pm; Location: NYC, NY; Thanked: 2 times

by preciousrain7 » Sun Apr 13, 2008 1:45 pm

ritz wrote:read it actively (start thinking mentally as you read the problem) & you will not have any problem what so ever..

A retailer bought a shirt at wholesale (X) and marked it up 80% (marked it up 80%, i.e. 180X/100)to its initial retail price of $45 (hmm, so that means 180X/100 = 45). By how many more dollars does he need to increase the price to achieve a 100% (what is 200X/100)markup?

Once you read it this way, you will know that you need to find
first, X
Then 2X
& then 1.8X is to be substracted to get the annswer as out of 2X, 1.8X increase has already been done.

Hope this helps.
regards
Ritz

Thanks! Ill try the technique for future questions!

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cjiang16: Senior | Next Rank: 100 Posts; Posts: 71; Joined: Sun Apr 06, 2008 2:24 pm; Thanked: 1 times

by cjiang16 » Wed Apr 16, 2008 5:11 pm

Good solution

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netigen: Legendary Member; Posts: 631; Joined: Mon Feb 18, 2008 11:57 pmFollowed by: 3 members; Thanked: 29 times

Re: Manhattan GMAT Test: Percent

by netigen » Wed Apr 16, 2008 5:43 pm

preciousrain7 wrote:I am having a hard time understanding the language in the problem.
Thanks in advance!

A retailer bought a shirt at wholesale and marked it up 80% to its initial retail price of $45. By how many more dollars does he need to increase the price to achieve a 100% markup?

a. 1
b. 2
c. 3
d. 4
e. 5

answer is: e

I agree with the poster the question is not correctly worded and it should read "marked it up 80% of its initial retail price to $45" otherwise one can easily read the Q as saying that the 80% markup happened on the original price of $45

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preciousrain7: Senior | Next Rank: 100 Posts; Posts: 78; Joined: Thu Dec 06, 2007 4:16 pm; Location: NYC, NY; Thanked: 2 times

Re: Manhattan GMAT Test: Percent

by preciousrain7 » Sat Apr 19, 2008 11:06 am

netigen wrote:
preciousrain7 wrote:I am having a hard time understanding the language in the problem.
Thanks in advance!

A retailer bought a shirt at wholesale and marked it up 80% to its initial retail price of $45. By how many more dollars does he need to increase the price to achieve a 100% markup?

a. 1
b. 2
c. 3
d. 4
e. 5

answer is: e
that was my problem too. it confused the hell out of me!

I agree with the poster the question is not correctly worded and it should read "marked it up 80% of its initial retail price to $45" otherwise one can easily read the Q as saying that the 80% markup happened on the original price of $45

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