SOLUTION: Hello! I homeschool my daughter, and have the answer to this particular problem, but can't figure out how they arrived at the answer. We may end up finding out that I have to cal
Question 28174: Hello! I homeschool my daughter, and have the answer to this particular problem, but can't figure out how they arrived at the answer. We may end up finding out that I have to call them to tell them that THEIR answer is incorrect. :)))
"A man bought a desk for $125. After spending $75 on repairs, he sold the desk for $350. What was his percent of profit based on the cost?"
The answer in the teacher manual is 120%. Can anyone help me, so that I can better explain to my daughter the steps taken to solve this problem? I tried x over 100 times $150 (profit) = $200 (cost). Help! Thanks! Answer by Earlsdon(6294) (Show Source):
You can put this solution on YOUR website! Cost of desk: $125
Selling price: $350 Subtract cost of repairs ($75)
Profit is selling price less cost of repairs less cost of desk.
Profit: ($350 - $75) - $125 = $275 - $125 = $150
Percent profit = (Profit/cost) X 100
Percent profit = ($150/$125)X100 = 120%
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