I found this GMAT question on a forum, but couldn't find an answer nor do I understand it well.
An article costing C dollars is sold for \$100 at a loss of x percent of the selling price. It is then resold at a profit of x percent of the new selling price S. If the difference between S and C is $1.11..., then x is
A: Undetermined
B: 80/9
C: 10
D: 95/9
E: 100/9
From what I understand, the selling price is \$100. Loss of x% = $\frac{x}{100} * 100 = x$
So the cost is the selling price + x, so
$C = x + 100$?
And we have $C - S = \$1.11$
$C = \$100 + \$1.11 = \$101.11$
And x = $\$101.11 - \$100 = \$1.11$
But I think this is correct and I am misunderstanding the question. I would appreciate it if someone could explain what this question means and where I went wrong.