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by C Okigbo » Tue Dec 08, 2015 8:59 pm
A retailer sold an appliance for 30 percent above cost, which represented a gross profit of $21.00. For what price did the retailer sell the appliance?
(A) $27.30
(B) $51.00
(C) $63.00
(D) $70.00
(E) $91.00
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by [email protected] » Tue Dec 08, 2015 10:19 pm
Hi C Okigbo,

This question can be solved in a couple of different ways. Here's how you would set it up algebraically:

X = cost of appliance

1.3X = sell price

Gross Profit = sell price - cost = 1.3X - X = $21.00

.3X = $21.00
3X = $210.00
X = $70

Sell Price = (1.3)(70) = $91

Final Answer: E

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by sanju09 » Wed Dec 09, 2015 3:20 am
C Okigbo wrote:A retailer sold an appliance for 30 percent above cost, which represented a gross profit of $21.00. For what price did the retailer sell the appliance?
(A) $27.30
(B) $51.00
(C) $63.00
(D) $70.00
(E) $91.00
30 percent of what is $21.00? It's $70.00; and selling price must be more than $70.00.

Only (E) $91.00 available.
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by Matt@VeritasPrep » Fri Dec 11, 2015 2:48 pm
C Okigbo wrote:A retailer sold an appliance for 30 percent above cost, which represented a gross profit of $21.00. For what price did the retailer sell the appliance?
(A) $27.30
(B) $51.00
(C) $63.00
(D) $70.00
(E) $91.00
Putting the equation in words first can be helpful:

Cost + (30% of Cost) = Cost + $21

or

c + .3c = c + 21

or

.3c = 21

So c = 70, and we're done!
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