SOLUTION: Tim owns a hardware store and sells metal and plastic pipe. The retail price is fixed at 40% above wholesale cost. Tim learns the meter stick is not accurate, and he is only makin
Algebra.Com
Question 1142589: Tim owns a hardware store and sells metal and plastic pipe. The retail price is fixed at 40% above wholesale cost. Tim learns the meter stick is not accurate, and he is only making 39%.
He only uses the stick to sell pipe. The amount he buys is correct.
Find length of the stick.
L = stick length.
Unsure how to solve. Non-homework.
Answer by greenestamps(13208) (Show Source): You can put this solution on YOUR website!
He thinks he is selling the pipe for 140% of his wholesale cost, but he is only selling it for 139% of the wholesale cost, because the meter stick is not accurate. So he is selling the pipe for 139/140 of what he thinks he is selling it for.
That means the meter stick is TOO LONG by a factor of 140/139.
So the meter stick is actually 140/139 meters long.
------------------------------------------------------------
140/139 = 1.00719 to 5 decimal places
So the stick is too long by about 0.00719 meters, or 7.19 mm.
RELATED QUESTIONS
The store's markup on a wholesale item is 40%. The store is currently having a sale, and... (answered by Theo)
An electronics store sells an item costing $51 for $70 and an item costing $120 for $129. (answered by Theo)
A stereo store marks up each item it sells 60% above wholesale price. What is the... (answered by rapaljer)
A stereo store marks up each item it sells 60% above wholesale price. What is the... (answered by ewatrrr)
Find the markup on a CD player whose wholesale cost $219 and whose retail price is $395. (answered by unlockmath)
Retail prices in a department store are obtained by marking up the wholesale price by... (answered by checkley71)
A store determines a camera’s retail price by marking up its wholesale price by
twenty... (answered by checkley77)
the retail price of a TV is 20% more than its wholesale cost. Therefore the retail cost... (answered by ikleyn)
the wholesale price of a chair is $254.00 and the retail is $299.00 what percent of the... (answered by Boreal,KMST,josgarithmetic,MathTherapy)