GRE Sample Test 3 Quantitative Reasoning 1

Question : 11 of 20

Marks: +1, -0

A manufacturer purchased an item at 30% less than its production cost and sold the item at a price that was greater than what the manufacturer paid for it. The price at which the manufacturer sold the item was what percent of the item’s production cost?

Validate

Solution:

Choose a value for the production cost:

\$

1,000. The purchase price was thus .7(

\$

1,000) =

\$

700. The selling price was thus × 700 =

\$

800. 800 is 80% of 1,000.

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