GMAT Exam > GMAT Questions > Peter has an export business and he makes a p...
Start Learning for Free
Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?
- a)7,650
- b)10,200
- c)10,400
- d)11,000
- e)12,000
Correct answer is option 'B'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
Peter has an export business and he makes a profit of $12 for every $8...
Step 1: Question statement and Inferences
In order to find his profit in 2011 in dollars, we are going to follow the following procedure:
(a) Finding how many dollars is 1 Euro.
(b) Convert the worth of his goods, which is 51000 Euros into dollars
(c) Then finding profit from his worth of goods in dollars.
Step 2: Finding required values
Given:
$1 = 0.75 Euros
Converting 0.75 into the fractional form,
$1 = 3/4 Euros
1 Euro = $4/3
In order to convert 51000 Euros into dollars, multiplying both sides of the equation by 51000, we get
51000 Euros = $4/3 × 51000
51000 Euros = $ 68000
Step 3: Calculating the final answer
In order to find out Peter’s profit by selling $68000 worth of goods, let’s find out his profit by selling $1 worth of goods.
$80 worth of goods -> $12 profit
$1 worth of goods -> $ 12/80 profit
$1 worth of goods -> $ 3/20 profit
$68000 worth of goods -> $ 3/20 × 68000 profit
$68000 worth of goods -> $10200 profit
(B) is the correct answer.
Most Upvoted Answer
Peter has an export business and he makes a profit of $12 for every $8...
To find Peter's profit in dollars, we need to calculate the value of the goods he exported in dollars and then subtract the cost of producing those goods.
1. Calculate the value of the goods exported in euros:
Peter exported goods worth 51,000 euros in 2011.
2. Convert the value of goods exported from euros to dollars:
Given that 1 dollar is approximately equal to 0.75 euros, we can multiply the value of goods exported in euros by the conversion rate to get the value in dollars.
Value in dollars = Value in euros * Conversion rate
Value in dollars = 51,000 euros * 0.75 dollars/euro
Value in dollars = 38,250 dollars
3. Calculate the profit:
Peter makes a profit of $12 for every $80 worth of goods exported.
Profit = (Value in dollars / Value of goods exported) * Profit per $80 worth of goods
Profit = (38,250 dollars / 80 dollars) * 12 dollars
Profit = 45 * 12 dollars
Profit = 540 dollars
Therefore, Peter's profit in 2011 was $540.
The correct answer is option B) 10,200.
1. Calculate the value of the goods exported in euros:
Peter exported goods worth 51,000 euros in 2011.
2. Convert the value of goods exported from euros to dollars:
Given that 1 dollar is approximately equal to 0.75 euros, we can multiply the value of goods exported in euros by the conversion rate to get the value in dollars.
Value in dollars = Value in euros * Conversion rate
Value in dollars = 51,000 euros * 0.75 dollars/euro
Value in dollars = 38,250 dollars
3. Calculate the profit:
Peter makes a profit of $12 for every $80 worth of goods exported.
Profit = (Value in dollars / Value of goods exported) * Profit per $80 worth of goods
Profit = (38,250 dollars / 80 dollars) * 12 dollars
Profit = 45 * 12 dollars
Profit = 540 dollars
Therefore, Peter's profit in 2011 was $540.
The correct answer is option B) 10,200.
Attention GMAT Students!
To make sure you are not studying endlessly, EduRev has designed GMAT study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in GMAT.
|
Explore Courses for GMAT exam
|
|
Similar GMAT Doubts
Top Courses for GMATView all
Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct answer is option 'B'. Can you explain this answer?
Question Description
Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct 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 Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct 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 Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct answer is option 'B'. Can you explain this answer?.
Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct 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 Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct 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 Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct answer is option 'B'. Can you explain this answer?.
Solutions for Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for GMAT.
Download more important topics, notes, lectures and mock test series for GMAT Exam by signing up for free.
Here you can find the meaning of Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Peter has an export business and he makes a profit of $12 for every $80 worth of goods that he exports to Europe. If the currency in Europe is Euro and he exported goods of a total worth of 51000 Euros in the year 2011 and 1 dollar is approximately equal to 0.75 Euros, then what is his profit in 2011 in dollars($)?a)7,650b)10,200c)10,400d)11,000e)12,000Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice GMAT tests.
|
|
Explore Courses for GMAT exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup