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A used car dealer sold a sedan for $2,400, a price that was equal to t
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27 Oct 2021, 05:35
27 Oct 2021, 05:35
Expert Reply
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Question Stats:
60% (01:06) correct
40% (00:55) wrong based on 10 sessions
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A used car dealer sold a sedan for $2,400, a price that was equal to the price he paid for the sedan plus a markup of 20% of the price he paid for the sedan. What was the price the dealer paid for the sedan?
(A) $400
(B) $480
(C) $1,920
(D) $2,000
(E) $2,200
See more on these concepts our GRE Quant Book and the GRE Math Essentials project
(A) $400
(B) $480
(C) $1,920
(D) $2,000
(E) $2,200
See more on these concepts our GRE Quant Book and the GRE Math Essentials project
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Joined: 20 Feb 2017
Posts: 2506
Given Kudos: 1055
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Re: A used car dealer sold a sedan for $2,400, a price that was equal to t
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03 Nov 2021, 05:46
03 Nov 2021, 05:46
Expert Reply
+1 Kudos to posts containing answer with explanation
A used car dealer sold a sedan for $2,400, a price that was equal to t
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27 Jan 2022, 23:39
27 Jan 2022, 23:39
2
Let x = Original price of sedan bought by dealer
20% Markup = 1 + .2 = 1.2
Selling Price = $2,400
The price the dealer paid for the sedan marked up by 20%, leading to a selling price of $2,400:
x(1.2) = $2,400
Divide both sides by 1.2:
$2,400/1.2 = x
x = $2,000
Answer D
20% Markup = 1 + .2 = 1.2
Selling Price = $2,400
The price the dealer paid for the sedan marked up by 20%, leading to a selling price of $2,400:
x(1.2) = $2,400
Divide both sides by 1.2:
$2,400/1.2 = x
x = $2,000
Answer D
