SOLUTION: A retailer has some Easter bastkets that cost him $10 each. He wants to sell them to make a profit of 40% of the selling price. What price should he charge for the Easter baskets?

Question 733611: A retailer has some Easter bastkets that cost him $10 each. He wants to sell them to make a profit of 40% of the selling price. What price should he charge for the Easter baskets? (You must set up an equation and solve to receive credit)
Answer by KMST(5328) (Show Source): You can put this solution on YOUR website!
With a price of $
For that to be 40% (or 0.40) of $ it would have to satisfy the equation

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An approximate value would be but we have to round to $16.67, that would give the retailer a profit of $6.67 per basket, which as a fraction of the selling price is
(rounded)
meaning a profit of 40.012% of the selling price.

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