SOLUTION: Please help! I don't know where to begin.
Question:
An art dealer sold two artworks for $1520 thereby making a profit of 25% on the first work and 10% on the other, whereas if
Question 69240: Please help! I don't know where to begin.
Question:
An art dealer sold two artworks for $1520 thereby making a profit of 25% on the first work and 10% on the other, whereas if he had approached any exhibition he would have sold them together for $1535 with a profit of 10% on the first and 25% on the other artwork. Find the actual cost of each artwork.
So far, this is what I have:
x + y = $1520
x(.25) + y(.10)= $1520 Found 2 solutions by stanbon, ankor@dixie-net.com:Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! An art dealer sold two artworks for $1520 thereby making a profit of 25% on the first work and 10% on the other, whereas if he had approached any exhibition he would have sold them together for $1535 with a profit of 10% on the first and 25% on the other artwork. Find the actual cost of each artwork.
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Let original cost of the two artworks be x and y respectively.
If he gets 25% profit on the 1st he gets 1.25x dollars
If he gets 10% profit on the 2nd he get 1.10x dollars.
EQUATION:
1.25x+1.10y=1520
If he switches the profit numbers he will get the following profit:
1.10x + 1.25y = 1535
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I'll let you solve the system of equations.
Cheers,
Stan H.
You can put this solution on YOUR website! An art dealer sold two artworks for $1520 thereby making a profit of 25% on the first work and 10% on the other, whereas if he had approached any exhibition he would have sold them together for $1535 with a profit of 10% on the first and 25% on the other artwork. Find the actual cost of each artwork.
So far, this is what I have:
x + y = $1520
x(.25) + y(.10)= $1520
:
That's not quite it. If you assigned the 1st artwork cost as x and the 2nd as y,
the retail prices would be: 1.25x and 1.10y, so the first scenario equation is:
1.25x + 1.10y = 1520
:
Then the 2nd scenario equation would be:
1.10x + 1.25y = 1535
:
The system of equations;
1.25x + 1.10y = 1520; multiply eq by 1.10
1.10x + 1.25y = 1535; multiply eq by 1.25
:
1.375x + 1.2100y = 1672
1.375x + 1.5625y = 1918.75
----------------------------subtracting eliminates x
0 -.3525y = -246.75
y = -246.75/-.3525
y = $700 is the cost of the 2nd artwork
:
Find x using:
1.25x + 1.1(700) = 1520
1.25x + 770 = 1520
1.25x = 1520 - 770
1.25x = $750
x = 750/1.25
x = $600 is the cost of the 1st artwork
:
:
Check our solutions in the 2nd scenario equation:
1.10x + 1.25y = 1535
1.1(600) + 1.25(700) =
660 + 875 = 1535
:
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