Today we’ll be solving a GMAT Math Word Problem. Consider the following question:
Tickets for all but 10 seats in a 500 seat theater were sold. Of the tickets sold, 20% were sold at half price, and the remaining tickets were sold at the full price of $6. How much revenue was generated from ticket sales?
This is a simple algebra word problem testing your ability to work with percentages and read all significant details in the problem.
Since there are 500 seats in the theater and all but 10 were sold, 490 tickets must have been sold. Of these 490 tickets, 20% were sold at half price. Converting 20% into a decimal, we calculate the number of tickets sold at a discount as follows:
The remaining tickets were sold at full price, so we subtract the discounted tickets from the total tickets sold:
Full price tickets are $6 each and the discounted tickets are half price:
To calculate our total cost for all tickets, we now take the number of full price tickets multiplied by the cost for each and add to that the number of discounted tickets multiplied by each of their individual cost:
This gives us our final answer of $2646.