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

Algebra ->  Percentage-and-ratio-word-problems -> 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      Log On


   

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(39618) About Me  (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
155%2A1.30

SOLD AT 10% LESS THAN MARKED
155%2A1.30-0.10%28155%2A1.30%29


WHAT PERCENT ACTUAL PROFIT?
Revenue minus Cost is the amount of profit.
highlight_green%28%28155%2A1.3-0.1%28155%2A1.3%29%29-155%29
----
highlight_green%2826.35%29-----the AMOUNT of profit.

PERCENT PROFIT
26.36%2A100%2F155=highlight%2817%29percent




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WHY THE 1.3 FACTOR

Thirty percent more of something means 100 percent PLUS the fraction 30%2F100 more of the something. One hundred percent of something is still all the 1 of this something counting as ONE; and the additional fraction 30%2F100 is 0.3 of this something.

To count the 30% increase you have a factor 1%2B0.3.