Multiple choice

A bookstore purchased a set of novels for $240 and later sold the set at a profit. What was the selling price of the novels? (1) The selling price of the set was greater than 125% of the purchase price. (2) The bookstore's profit from the sale was exactly 25% of the selling price.

  1. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.

  2. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.

  3. BOTH statements TOGETHER are sufficient, but NEITHER alone is sufficient.

  4. EACH statement ALONE is sufficient.

  5. Statements (1) and (2) TOGETHER are NOT sufficient.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Statement (1): SP > 1.25 * 240 = 300. This doesn't give a specific price. Statement (2): Profit = 0.25 * SP. Since Profit = SP - Cost, SP - 240 = 0.25 * SP. 0.75 * SP = 240. SP = 240 / 0.75 = 320. Statement (2) is sufficient.

AI explanation

Statement (2) states that the profit (selling price - purchase price) equals 25% of the selling price, meaning 0.25S = S - 240. Solving this gives 0.75S = 240, so the selling price is $320. Statement (1) only provides an inequality (S > 300), which is not enough to find an exact value. Statement (2) alone is sufficient.

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