Here's a GRE / GMAT type quantitative problem:
A man sees the price tag of Rs. 15 per raw mango in a grocery shop. He wonders the profit on each mango must be 30%. Assuming his assessment is true, what is the cost price of a raw mango?
A. 10.60
B. 11.53
C. 12.21
D. 11.10
Answer: B
This is a straightforward problem. Here are three of the ways to find the answer to the question:
Solution I:
Let
S = Sale price
C = Cost price
P = Profit
So, percent profit is
(S-C)/C = P
(15-C)/C = 30/100
15-C = 30/100*C
C = 11.53
Solution II
Working from the answers:
Add 30% to, for example, answer choice B = 11.53 + (30/100) * 11.53 = 14.989.
The above value is closest to the sale price, which is 15.
Solution III
Profit (P) is 30%, so sale price (S) is 130% of the cost price (C):
S = 130/100*C
15 = 130/100*C
C = 11.53
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