BTGmoderatorDC wrote:A store bought 5 dozen lamps at $30 per dozen and sold them all at $15 per lamp. The profit on each lamp was what percent of its selling price?
A. 20%
B. 50%
C. \(83 \frac{1}{3}\)%
D. 100%
E. 500%
Cost per lamp = (cost per dozen)/(number of lamps in a dozen) = 30/12 = 5/2 = $2.50.
Profit per lamp = (selling price per lamp) - (cost per lamp) = 15 - 2.5 = $12.50.
Profit as a percentage of selling price = (profit)/(selling price)* 100 = (12.5/15) * 100 = (125/150) * 100 = (5/6)(100) = 83â…“%
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
