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?

Algebra ->  Equations -> 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?       Log On


   

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) About Me  (Show Source):
You can put this solution on YOUR website!
With a price of $x%29%29%29+the+profit+for+each+basket+%28in+%24%29+would+be%0D%0A%7B%7B%7Bx-10%29
For that to be 40% (or 0.40) of $x it would have to satisfy the equation
x-10=0.4x
x-10=0.4x --> x-0.4x=10 --> 0.6x=10 --> x=10%2F0.6
An approximate value would be x=16.6667 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
6.67%2F166.67=667%2F1667=about0.40012 (rounded)
meaning a profit of 40.012% of the selling price.