SOLUTION: After working with linear equations to solve work problems (real life applications), post your answer to the question to the following: A jewelry store owner buys a diamond ring fo

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: After working with linear equations to solve work problems (real life applications), post your answer to the question to the following: A jewelry store owner buys a diamond ring fo      Log On


   

Question 1100621: After working with linear equations to solve work problems (real life applications), post your answer to the question to the following: A jewelry store owner buys a diamond ring for $1800. He sells the diamond ring for $2000, and claims that he is making only a 10% profit. Is his claim correct?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
The sale is for $2000, the difference between the sale and the jeweler's cost is $2000-$1800=$200.
200%2F2000=10%2F100
Yes, 10% profit.