SOLUTION: the audio outlet purchased 60 cassette recorders, gave away 3 in a contest, and sold the rest at twice thier purchase price. if the store's total profit was $1188, how much did the

Question 469632: the audio outlet purchased 60 cassette recorders, gave away 3 in a contest, and sold the rest at twice thier purchase price. if the store's total profit was $1188, how much did the store sell each recorder for?
Answer by ccs2011(207) (Show Source): You can put this solution on YOUR website!
Profit = Revenue - Cost
Let p be selling price, c be purchasing price
Revenue = (60-3)*p = 57*p
Cost = 60*c
We also know that selling price was twice the purchasing price
p = 2c
Divide by 2 on both sides
p/2 = c
Thus we can say Cost = 60*(p/2) = 30*p
Now set up profit equation
57p - 30p = 1188
Combine like terms
27p = 1188
Divide by 27 on both sides
p = 44
Therefore selling price was $44
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