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Unformatted text preview: ow many papers did he deliver if they sell for 20 cents each? (A) 150 (B) 135 (C) 600 (D) 160 (E) 540 Mrs. Mitherz wishes to sell her home. She must pay the real estate agent who makes the sale 8% of the selling price. At what price must she sell her home if she wishes to net $73,600? (A) $79,488 (B) $75,000 (C) $80,000 (D) $82,400 (E) $84,322 2. 5. 3. www.petersons.com 92 Chapter 6 4. PROFIT AND LOSS
When a merchant purchases an item, he adds a percent of this cost to what he paid to arrive at a selling price. This amount is called his profit. Example: A radio sells for $40, giving the dealer a 25% profit. What was his cost? Solution: If the dealer gets back all of his cost plus an extra 25%, then the $40 sales price represents 125% of his cost. 1.25x = 40 125x = 4000 x = $32 Example: Joan’s Boutique usually sells a handbag for $80, which yields a 33 % profit. During a special sale, 3 the profit is cut to 10%. What is the sale price of the handbag? Solution: $80 represents 133 % of the cost.
4 x = 80 3 1 1 3 4x =240 x = 60 If the cost was $60 and the dealer wishes to add 10% for profit, he must add 10% of $60 or $6, making the sale price $66. If a merchant sells an article for less than his cost, he takes a loss. A loss is figured as a percent of his cost in the same manner we figured a profit in the previous examples. www.petersons.com Verbal Problems Involving Percent 93 Exercise 4
Work out each problem. Circle the letter that appears before your answer. 1. Steve buys a ticket to the opera. At the last moment, he finds he cannot go and sells the ticket to Judy for $10, which was a loss of 2 16 %. What was the original price of the 3 ticket? (A) (B) (C) (D) (E) 2. $8.33 $16.66 $12 $11.66 $15 4. If a music store sells a clarinet at a profit of 20% based on the selling price, what percent is made on the cost? (A) (B) (C) (D) (E) 5. 20 40 25 80 none of these Alice bought a bicycle for $120. After using it for only a short time, she sold it to a bike store at a 20% loss. How much money did the bike store give Alice? (A) $24 (B) $96 (C) $144 (D) $100 (E) $108 Julie’...
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This note was uploaded on 08/15/2010 for the course MATH a4d4 taught by Professor Colon during the Spring '10 term at Embry-Riddle FL/AZ.
- Spring '10