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A dealer buys a boat at auction and pays 10 % below

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A dealer buys a boat at auction and pays 10 % below [#permalink] New post 30 Jul 2017, 08:17
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A dealer buys a boat at auction and pays 10 % below list price. He then sells the boat at a profit of 30% of his cost of the boat. At the same selling price, what would the dealer's percent profit over his cost have been if he had bought the boat at list price?

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[Reveal] Spoiler:
17%

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Re: A dealer buys a boat at auction and pays 10 % below [#permalink] New post 25 Sep 2017, 06:04
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Let's use some numbers. Fix the original price of the boat at 100. Then, the dealer bought it at (1-0.10)*100=90 with the discount of 10%. Then, the profit is 30% of 90, i.e. 0.3*90=27. Thus, the selling price must be 90+27=117, given the formula profit = sell price - cost. Now, keeping the selling price at 117, if the dealer would have paid the boat fully, the cost would have been 100 and the profits 117-100=17. Then, the profits are 17/100*100% of the cost, i.e. 17%.
Re: A dealer buys a boat at auction and pays 10 % below   [#permalink] 25 Sep 2017, 06:04
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A dealer buys a boat at auction and pays 10 % below

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