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  • GMAT : Apoorva G 750
  • GMAT : Raghu V 700
  • GMAT : Mannik 730
  • GMAT : Arun J : 720
  • GMAT : N Teja : 680
  • GMAT : Kadambari K - 700
  • GMAT : Venkataraman Rajraman 760
  • GMAT : Darshan 730

GMAT PS version 2 question 3 (Updated On Wednesday, June 11, 2014)

If the cost of 20 articles is equal to the selling price of 16 articles. What is the profit percent?
1. 25%       2. 30%       3. 45%       4. 50%               5. 60% 

Method 1:
Let the cp of 1 article be $1.
cp of 20 articles=$20         sp of 16 articles=$20
sp of 1 article=$20/16=5/4
Therefore, profit=5/4-1=1/4.
The amount gained on $1 is $1/4 
The amount gained on $100 is $100/4=25 
Therefore, profit percent=25%.

Method 2:
Profit percentage = {(selling price  - cost price)/cost price} x 100
=(selling price/cost price)  - (cost price/cost price )= (selling price/cost price) - 1

If CP is the cost price of the item and SP is the selling price of the item then 20CP=16SP
SP/CP= 20/16
Profit percentage ={ (selling price/cost price) - 1 }x100 
= (20/16)-1= (1/4) x 100 =25%


 

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