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 By: JessicaTan (offline)  Tuesday, March 12 2013 @ 07:26 AM CDT (Read 1255 times)
JessicaTan

5) Mr Lim had two identical vases for sale at his shop. The price of each vase was \$450. He sold one vase at this price and earned 20% of what he paid for it. He sold the other vase at a 5% discount. How much did Mr Lim earn altogether? (Hint : What is the amount Mr Lim paid for each vase?)

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Registered: 10/17/09
Posts: 82

 By: achieve_goal (offline)  Tuesday, March 12 2013 @ 08:42 AM CDT
achieve_goal

Hey Jessica,

Solution:

Since Mr Lim earned 20% from the 1st vase,

120% ----> \$450
(Note: Default percentage is always 100%.)
1% -------> \$3.75

Mr Lim sells the second vase at a discount of 5%.
(Each vase is \$450 = 120%)
120%-5%=115% (discounted price of vase)
115% ------> \$431.25

Total amount earned:

\$431.25 + \$450 = \$881.25

Tell me if the answer is different from yours.

Regular Member

Registered: 09/14/11
Posts: 102

 By: achieve_goal (offline)  Tuesday, March 12 2013 @ 08:42 AM CDT
achieve_goal

Hey Jessica,

Solution:

Since Mr Lim earned 20% from the 1st vase,

120% ----> \$450
(Note: Default percentage is always 100%.)
1% -------> \$3.75

Mr Lim sells the second vase at a discount of 5%.
(Each vase is \$450 = 120%)
120%-5%=115% (discounted price of vase)
115% ------> \$431.25

Total amount earned:

\$431.25 + \$450 = \$881.25

Tell me if the answer is different from yours.

Regular Member

Registered: 09/14/11
Posts: 102

 By: echeewh (offline)  Tuesday, March 12 2013 @ 04:48 PM CDT
echeewh

Hey Jessica,

Following is my worked solution:

(vase1)
120% = 450
100% = (450 / 120) × 100 = 375 (CP)
Amt earned (1st vase) = 450 - 375 = 75

(vase2)
100% = 450
95% = (450 / 100) × 95 = 427.50 (SP of 2nd vase)
Amt earned (2nd Vase) = 427.50 - 375 = 52.50

Total amt earned = 75 + 52.50 = \$127.50

=============

Trust this helps.

Do let me know again if this does not match your Answerkey or if there's further clarification.

Cheers,
Edward

==================

Hey <achieve_goal>,

(i) Cost Price (CP) of vase was not calculated.

(ii) 5% discount of vase2 = (5 / 100) × 450 = 22.50
Hence, Selling price (SP) of vase2 = 450 - 22.50 = \$427.50 {not \$431.25}

(iii) Amount earned = Profit.
But what was calculated in your solution was total amount sold.

Trust this clarifies.

Best Regards,
Edward

===============

Active Member

Registered: 04/21/11
Posts: 627

 By: JessicaTan (offline)  Wednesday, March 13 2013 @ 05:24 AM CDT
JessicaTan

Appreciate from both of you. Once I have the answer from school teacher I will post it.

Rdgs
Jessica

Regular Member

Registered: 10/17/09
Posts: 82

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