A business man sold a jersey for $6.90 thereby making a profit of 15% on the cost to him.
A) What is the cost price of the jersey to the businessman to the nearest cent.
Ok I have already worked A) and my answer was $6
But here's the part that i don't get?
Calculate the selling price the businessman should request to make a profit of 25% instead
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A) What is the cost price of the jersey to the businessman to the nearest cent.
Ok I have already worked A) and my answer was $6
But here's the part that i don't get?
Calculate the selling price the businessman should request to make a profit of 25% instead
10 POINTS 10POINTS 10POINTS 10POINTS 10POINTS 10POINTS 10POINTS 10POINTS
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x + .15x = 6.9
1.15x = 6.9
x = 6.9/1.15
x = 6
it costs $6.00
6 + .25 * 6 = x
6 + 1.5 = x
7.5 = x
he needs to sell it for $7.50 to make a 25% profit
1.15x = 6.9
x = 6.9/1.15
x = 6
it costs $6.00
6 + .25 * 6 = x
6 + 1.5 = x
7.5 = x
he needs to sell it for $7.50 to make a 25% profit
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Find 25% of $6. $6 is the price of the jersey without any profit made.
When you find 25% of it (which is the profit he'll make), add it back to the $6.
(.25) x 6 = 1.5 then 1.5 + 6 = 7.5
Answer: $7.50 should be the price he should sell it for to make %25 profit.
When you find 25% of it (which is the profit he'll make), add it back to the $6.
(.25) x 6 = 1.5 then 1.5 + 6 = 7.5
Answer: $7.50 should be the price he should sell it for to make %25 profit.
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1.25 X 6 = 7.50
EDIT - the other poster "alex" is incorrect - your "buy" price is indeed $6, that is determined by dividing the original sell price of $6.90 by 1.15 (adding the 15% profit), that does equal 6 even. A profit of 25% (a quarter on every dollar) means you take the buy price and multiply it by 1.25, and that would equal $7.50. Reverse the math - that is $1.50 in profit, which is exactly 25% of $6
EDIT - the other poster "alex" is incorrect - your "buy" price is indeed $6, that is determined by dividing the original sell price of $6.90 by 1.15 (adding the 15% profit), that does equal 6 even. A profit of 25% (a quarter on every dollar) means you take the buy price and multiply it by 1.25, and that would equal $7.50. Reverse the math - that is $1.50 in profit, which is exactly 25% of $6
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6.9(.85)
5.87
5.87(1.25)
7.33
5.87
5.87(1.25)
7.33