GRE Prep Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
A taxi driver makes $50 an hour, but pays $100 a day rent fo
[#permalink]
19 May 2018, 13:44
19 May 2018, 13:44
Expert Reply
00:00
Question Stats:
82% (01:45) correct
17% (02:41) wrong based on 17 sessions
Hide Show timer Statistics
A taxi driver makes $50 an hour, but pays $100 a day rent for his taxi and has other costs that amount to $0.50 per mile. If he works three 7-hour days and one 9-hour day and drives a total of 600 miles in one week, what is his profit?
(A) $700
(B) $800
(C) $1,100
(D) $1,200
(E) $1,500
(A) $700
(B) $800
(C) $1,100
(D) $1,200
(E) $1,500
Retired Moderator
Joined: 10 Apr 2015
Posts: 6218
Given Kudos: 136
Re: A taxi driver makes $50 an hour, but pays $100 a day rent fo
[#permalink]
27 Nov 2018, 07:17
27 Nov 2018, 07:17
1
sandy wrote:
A taxi driver makes $50 an hour, but pays $100 a day rent for his taxi and has other costs that amount to $0.50 per mile. If he works three 7-hour days and one 9-hour day and drives a total of 600 miles in one week, what is his profit?
(A) $700
(B) $800
(C) $1,100
(D) $1,200
(E) $1,500
(A) $700
(B) $800
(C) $1,100
(D) $1,200
(E) $1,500
REVENUE
Taxi driver makes $50 an hour. He works three 7-hour days and one 9-hour day
Total work time = (3)(7) + 9 = 30 hours
TOTAL revenue = (30 hours)($50/hour) = $1500
EXPENSES
Driver pays $100 a day rent for his taxi, and has other costs that amount to $0.50 per mile. He drives a total of 600 miles in one week
4 days of taxi rental = (4)($100) = $400
600 miles at $0.50 per mile = (600)(0.50) = $300
TOTAL expenses = $400 + $300 = $700
What is his profit?
Profit = revenue - expenses
= $1500 - $700
= $800
Answer: B
Cheers,
Brent
Re: A taxi driver makes $50 an hour, but pays $100 a day rent fo
[#permalink]
03 Dec 2018, 10:47
03 Dec 2018, 10:47
1
How do you know to assume that he only pays rent on each day he actually worked (total of 4 days for 400 dollars) vs 100 dollars a day for the week (7 days totaling 700 dollars)?
I got this right but only after realizing that there was no answer for 1050+450 - 300 for gas and -700 for each day of the week. So then I figured they meant 100 for each day he uses the taxi.
I got this right but only after realizing that there was no answer for 1050+450 - 300 for gas and -700 for each day of the week. So then I figured they meant 100 for each day he uses the taxi.
