SOLUTION: Mr. Lloyd gained 15% based on cost, of selling 3/4 of a shipment of textiles. He sold the remainder at a lost of 10% of the cost. What percent of the cost did he gain on the entire

Algebra ->  Finance -> SOLUTION: Mr. Lloyd gained 15% based on cost, of selling 3/4 of a shipment of textiles. He sold the remainder at a lost of 10% of the cost. What percent of the cost did he gain on the entire      Log On


   

Question 1121867: Mr. Lloyd gained 15% based on cost, of selling 3/4 of a shipment of textiles. He sold the remainder at a lost of 10% of the cost. What percent of the cost did he gain on the entire shipment?
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Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
he gained 15% on 3/4 of the shipment.
he lost 10% on 1/4 of the shipment.

let x = the cost of the shipment.

he gained 15% on 3/4 of the shipment.

he lost 10% on 1/4 of the shipment.

his net gain was 15% * 3/4 minus 10% * 1/4 = 8.75%.

let's see if this makes sense.

assume his cost was 1000 dollars.

3/4 of the shipment would cost 750 dollars and 1/4 of the shipment would cost 250 dollars.

he made 15% on 3/4 of the shipment, therefore he made 15% of 750 = 112.5 dollars.

he lost 10% on 1/4 of the shipment, therefore he lost 10% of 250 = 25 dollars.

his net gain was 112.5 minus 25 = 87.5

his net gain overall was 87.5 / 1000 = .0875 * 100 = 8.75% of the cost.