Profit Percent and Loss Percent

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coolhabhi: Master | Next Rank: 500 Posts; Posts: 141; Joined: Tue Oct 04, 2011 5:17 am; Thanked: 25 times

by coolhabhi » Mon Jul 07, 2014 3:58 pm

If the selling price of an article is doubled, then it's loss percent is converted into equal profit percent. The loss percent on the article is

A) 26.66%
B) 33%
C) 33.33%
D) 34%

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Source: Beat The GMAT — Problem Solving | Mon Jul 07, 2014 3:58 pm

coolhabhi: Master | Next Rank: 500 Posts; Posts: 141; Joined: Tue Oct 04, 2011 5:17 am; Thanked: 25 times

by coolhabhi » Mon Jul 07, 2014 4:04 pm

Please have a look at my solution

[spoiler]
Cost Price = cp
Selling Price = sp
The Selling Price is doubled. So
New Selling Price = 2sp
Loss percent = profit percent
(cp - sp) / cp = (sp - cp) / cp
cp - sp = sp - cp
2cp = 2sp
But New Selling Price = 2sp
=> 2cp = 4sp
=> cp = 2sp

Loss percent
(cp - sp) / cp

=>(2sp - sp) / cp

=> sp / 2sp

1/2 = 50%[/spoiler]
What have I missed??

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GMAT/MBA Expert

Brent@GMATPrepNow: GMAT Instructor; Posts: 16207; Joined: Mon Dec 08, 2008 6:26 pmFollowed by: 1268 members; Location: Vancouver, BC; Thanked: 5254 times; GMAT Score:770

by Brent@GMATPrepNow » Mon Jul 07, 2014 4:06 pm

Would you care to translate the intent/meaning of this question first?
I have no idea what it's asking.

Cheers,
Brent

Brent Hanneson - Creator of GMATPrepNow.com

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[email protected]: Elite Legendary Member; Posts: 10392; Joined: Sun Jun 23, 2013 6:38 pmFollowed by: 511 members; Location: Palo Alto, CA; Thanked: 2867 times; GMAT Score:800

by [email protected] » Mon Jul 07, 2014 8:26 pm

Hi coolhabhi,

What is the source of this question? It's terribly worded and is not "in line" with any Official question that I've seen. If you're actually preparing for the GMAT, then I highly recommend that you stick to Official GMAT material.

GMAT assassins aren't born, they're made,
Rich

Contact Rich at [email protected]

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