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Stephenson, a businessman bought an Iron box for $80. Determine his profit.
1. He made a 30% profit.
2. His selling price was $104.
  • a)
    Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.
  • b)
    Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.
  • c)
    BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question ask
  • d)
    EACH statement ALONE is sufficient to answer the question asked.
  • e)
    Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Stephenson, a businessman bought an Iron box for $80. Determine his pr...
Cost price = $80 is equivalent to 100%.
In statement 1, profit = 30%
= 30/100 × 80 = $24.
Profit = 104 - 80 = $24. The statement is sufficient.
In statement 2, selling price = 104.
selling price = cost price + profit; hence, profit =104 - 80 = $24. The statement is sufficient.
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Most Upvoted Answer
Stephenson, a businessman bought an Iron box for $80. Determine his pr...
Given Information:
Stephenson bought an Iron box for $80.
He made a 30% profit.
His selling price was $104.

To find:
Stephenson's profit.

Solution:
Let's assume the cost price of the Iron box to be x.
According to statement 1, he made a 30% profit.
Profit = 30% of x = 0.3x
Selling price = Cost price + Profit
104 = x + 0.3x
1.3x = 104
x = 80
Hence, the cost price of the Iron box is $80.

According to statement 2, his selling price was $104.
Selling price = Cost price + Profit
104 = 80 + Profit
Profit = 24
Hence, Stephenson's profit is $24.

Therefore, we can conclude that both statements together are sufficient to answer the question asked, but neither statement alone is sufficient to answer the question asked. Hence, the correct answer is option D.
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Stephenson, a businessman bought an Iron box for $80. Determine his profit.1. He made a 30% profit.2. His selling price was $104.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question askd)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'D'. Can you explain this answer? for GMAT 2025 is part of GMAT preparation. The Question and answers have been prepared according to the GMAT exam syllabus. Information about Stephenson, a businessman bought an Iron box for $80. Determine his profit.1. He made a 30% profit.2. His selling price was $104.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question askd)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for GMAT 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Stephenson, a businessman bought an Iron box for $80. Determine his profit.1. He made a 30% profit.2. His selling price was $104.a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient to answer the question asked.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient to answer the question asked.c)BOTH statements (1) and (2) TOGETHER are sufficient to answer the question asked, but NEITHER statement ALONE is sufficient to answer the question askd)EACH statement ALONE is sufficient to answer the question asked.e)Statements (1) and (2) TOGETHER are NOT sufficient to answer the question asked, and additional data specific to the problem are needed.Correct answer is option 'D'. Can you explain this answer?.
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