SOLUTION: A hardware store owner bought a used refrigerator for $155.00 and marked it to sell for a profit of 30% on the cost. He then sold it for 10% less than the marked price. What is the

Question 1037854: A hardware store owner bought a used refrigerator for $155.00 and marked it to sell for a profit of 30% on the cost. He then sold it for 10% less than the marked price. What is the percent profit made by the owner? Answer choices are:
15%, 17%, 19% and 30%. I think it is 19% but I want to make sure.
Thanks!
Answer by josgarithmetic(39620) (Show Source): You can put this solution on YOUR website!
Go stepwise according to the described process. Give a variable to what the question asks.
Alternatively, give a variable to the final selling price.

SELL FOR 30% PROFIT

SOLD AT 10% LESS THAN MARKED

WHAT PERCENT ACTUAL PROFIT?
Revenue minus Cost is the amount of profit.

----
-----the AMOUNT of profit.

PERCENT PROFIT

---
WHY THE 1.3 FACTOR

Thirty percent more of something means 100 percent PLUS the fraction more of the something. One hundred percent of something is still all the 1 of this something counting as ONE; and the additional fraction is of this something.

To count the 30% increase you have a factor .
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