SOLUTION: At a particular store, the ratio of profit to cost price is 1 1/6: 1 1/5. If the profit of a particular item is $310m what is the selling price of that item?

Click here to see ALL problems on Linear-equations

Question 1127900: At a particular store, the ratio of profit to cost price is 1 1/6: 1 1/5. If the profit of a particular item is $310m what is the selling price of that item?
Found 3 solutions by ankor@dixie-net.com, MathTherapy, greenestamps:
Answer by ankor@dixie-net.com(22740)   (Show Source):
You can put this solution on YOUR website!
At a particular store, the ratio of profit to cost price is 1 1/6: 1 1/5.
If the profit of a particular item is $310m what is the selling price of that item?
:
Change to improper fractions then to a decimal
1 1/6 = = 1.67
1 1/5 = = 1.20
:
let c = the cost price
=
cross multiply
1.67c = 1.2 * 310
1.67c = 372
c =
c = 223.20 is the cost of the item
find the selling price; cost + profit
223.20 + 310 = $533.20 is the selling price

Answer by MathTherapy(10555)   (Show Source):
You can put this solution on YOUR website!

At a particular store, the ratio of profit to cost price is 1 1/6: 1 1/5. If the profit of a particular item is $310m what is the selling price of that item?

Let multiplicative factor be x
Then profit is: , and cost is:

Substituting for x, we get COST as:
With cost being $318.86, and profit, $310, selling price is:
IGNORE all non-similar answers.

Answer by greenestamps(13203)   (Show Source):
You can put this solution on YOUR website!

1 1/5 is larger than 1 1/6, so the cost is higher than the profit. So the answer from the first tutor doesn't make sense.

The answer from tutor MathTherapy is correct; I would perform the calculations a bit differently.

Multiply the given ratio by the least common denominator of the fractions to get the ratio in whole numbers:

1 1/6: 1 1/5 = 30(1 1/5):30(1 1/6) = 35:36

So the cost price is 36/35 times the profit:

cost = $310*(36/35) = $318.86

Then the selling price is cost plus profit:

$318.86+$310 = $628.86