GMAT Problem Solving
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Source: OG13th
Level: 0
A photography dealer ordered 60 Model X cameras to be sold for $250 each, which represents a 20 percent markup over the dealer's initial cost for each camera. Of the cameras ordered, 6 were never sold and were returned to the manufacturer for a refund of 50 percent of the dealer's initial cost. What was the dealer's approximate profit or loss as a percent of the dealer's initial cost for the 60 cameras?
- A 7% loss
- B 13% loss
- C 7% profit
- D 13% profit
- E 15% profit