Hi. How did you come to the conclusion that 66 2/3 percent is equal to 2/3? Where did the 66 go? When I was doing it I thought it was 66 * 2/3 %, which in my mind would equal 44%. Thank you.
Choosing the right numbers is very crucial to solve this question.
Let's assume that the number of hats in the shipment = 100
A store sold 60 percent of the hats from a shipment of hats at a selling price that was 50 percent greater than the store's cost for each hat
Number of hats sold = 60
Also given - The initial selling price of the hats = \(\frac{3}{2}\) * times the store's cost for each hat.
Let's assume the stores cost for each hat = $2
Cost price of 100 hats = $2 * 100 = $200
The initial selling price of the hats = \(\frac{3}{2} * 2 = $3\)
Hats remaining = \(100 - 60 = 40\)
Then the store reduced the selling price by 66 2/3 percent and sold 70 percent of the remaining hats at the reduced selling price.
\(66 \frac{2}{3}\)% \(= \frac{2}{3}\)
New selling price = \(\frac{1}{3}\)rd * old selling price
New selling price = \(\frac{1}{3}\)rd * 3 = $1
Number of hats sold = \(\frac{70}{100} * 40 = 28\)
Total Revenue = (60 * 3) + (28 * 1)= 208
Profit = $(208-200) = $8
Profit % = \(\frac{8}{200} * 100 = 4\)%
Option B
gmatophobia
rakman123
A store sold 60 percent of the hats from a shipment of hats at a selling price that was 50 percent greater than the store's cost for each hat. Then the store reduced the selling price by 66 2/3 percent and sold 70 percent of the remaining hats at the reduced selling price. If the store did not sell any other hats form the shipment, then the store's gross profit from the sale of the hats from the shipment was what percent of the store's cost for the hats from the shipment?
A) 1%
B) 4%
C) 9%
D) 13%
E) 25%
A) 1%
B) 4%
C) 9%
D) 13%
E) 25%
Choosing the right numbers is very crucial to solve this question.
Let's assume that the number of hats in the shipment = 100
A store sold 60 percent of the hats from a shipment of hats at a selling price that was 50 percent greater than the store's cost for each hat
Number of hats sold = 60
Also given - The initial selling price of the hats = \(\frac{3}{2}\) * times the store's cost for each hat.
Let's assume the stores cost for each hat = $2
Cost price of 100 hats = $2 * 100 = $200
The initial selling price of the hats = \(\frac{3}{2} * 2 = $3\)
Hats remaining = \(100 - 60 = 40\)
Then the store reduced the selling price by 66 2/3 percent and sold 70 percent of the remaining hats at the reduced selling price.
\(66 \frac{2}{3}\)% \(= \frac{2}{3}\)
New selling price = \(\frac{1}{3}\)rd * old selling price
New selling price = \(\frac{1}{3}\)rd * 3 = $1
Number of hats sold = \(\frac{70}{100} * 40 = 28\)
Total Revenue = (60 * 3) + (28 * 1)= 208
Profit = $(208-200) = $8
Profit % = \(\frac{8}{200} * 100 = 4\)%
Option B