A businessman sold a jersey for $6.90... SEE DETAILS
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A businessman sold a jersey for $6.90... SEE DETAILS

[From: ] [author: ] [Date: 12-05-02] [Hit: ]
it costs $6.6 + .6 + 1.7.he needs to sell it for $7.50 to make a 25% profit-Find 25% of $6.......
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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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

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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.

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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

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6.9(.85)
5.87

5.87(1.25)
7.33
1
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