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In 2012, the marked price of an electric vehicle was $50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?
(1) m=10
(2) (100-n)(100+m)=2200
- a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.
- b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.
- c)BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.
- d)EACH statement ALONE is sufficient.
- e)Statements (1) and (2) TOGETHER are NOT sufficient.
Correct answer is option 'B'. Can you explain this answer?
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In 2012, the marked price of an electric vehicle was $50,000 and it wa...
Steps 1 & 2: Understand Question and Draw Inferences
We are given that the original marked price (say P) of an electric vehicle is $50,000. In 2012, this product was being sold at a discount of n%.
P = $50,000
So, the selling price Q of the product in 2012:
In 2013, the demand for the electric vehicle increased and its prices was raised by m% over its discounted price in 2012. Let’s say its new selling price is R:
By simplifying the above expression, we get:
By plugging in the value of P in the above equation, 
So, we need to find the value of m and n to answer the question “What is the final price of the vehicle?”
Step 3: Analyze Statement 1
Statement I says: m = 10
This statement gives us the value of m only. We still don’t have the value of n. So, we can’t determine the value of R.
Hence, statement I alone is not sufficient to answer the question: “What is the final price of the vehicle?”
Step 4: Analyze Statement 2
Statement 2 says: (100-n)(100+m)=2200
The expression given in this statement can directly be used in equation (2) to find the value of R.
So, statement II alone is sufficient to answer the question: “What is the final price of the vehicle?”
Step 5: Analyze Both Statements Together (if needed)
Since step 4 provides a unique answer to the question, we don’t need to perform this step.
Answer: Option (B)
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In 2012, the marked price of an electric vehicle was $50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?(1) m=10(2) (100-n)(100+m)=2200a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.c)BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.d)EACH statement ALONE is sufficient.e)Statements (1) and (2) TOGETHER are NOT sufficient.Correct answer is option 'B'. Can you explain this answer?
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In 2012, the marked price of an electric vehicle was $50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?(1) m=10(2) (100-n)(100+m)=2200a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.c)BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.d)EACH statement ALONE is sufficient.e)Statements (1) and (2) TOGETHER are NOT sufficient.Correct answer is option 'B'. Can you explain this answer? for GMAT 2024 is part of GMAT preparation. The Question and answers have been prepared according to the GMAT exam syllabus. Information about In 2012, the marked price of an electric vehicle was $50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?(1) m=10(2) (100-n)(100+m)=2200a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.c)BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.d)EACH statement ALONE is sufficient.e)Statements (1) and (2) TOGETHER are NOT sufficient.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for GMAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In 2012, the marked price of an electric vehicle was $50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?(1) m=10(2) (100-n)(100+m)=2200a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.c)BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.d)EACH statement ALONE is sufficient.e)Statements (1) and (2) TOGETHER are NOT sufficient.Correct answer is option 'B'. Can you explain this answer?.
In 2012, the marked price of an electric vehicle was $50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?(1) m=10(2) (100-n)(100+m)=2200a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.c)BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.d)EACH statement ALONE is sufficient.e)Statements (1) and (2) TOGETHER are NOT sufficient.Correct answer is option 'B'. Can you explain this answer? for GMAT 2024 is part of GMAT preparation. The Question and answers have been prepared according to the GMAT exam syllabus. Information about In 2012, the marked price of an electric vehicle was $50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?(1) m=10(2) (100-n)(100+m)=2200a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.c)BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.d)EACH statement ALONE is sufficient.e)Statements (1) and (2) TOGETHER are NOT sufficient.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for GMAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In 2012, the marked price of an electric vehicle was $50,000 and it was sold at a discount of n%. In early 2013, due to rise in fossil fuel prices, the demand for electric vehicles surged. Consequently, the price of the aforementioned electric vehicle was raised by m% over its earlier discounted price. What was the new selling price of the electric vehicle?(1) m=10(2) (100-n)(100+m)=2200a)Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.b)Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.c)BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.d)EACH statement ALONE is sufficient.e)Statements (1) and (2) TOGETHER are NOT sufficient.Correct answer is option 'B'. Can you explain this answer?.
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