QR problem

[Thundercatz]

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Hi,

Could someone show me how to setup this problem? I hate these percentage problems 🙁.

At what price should a merchant mark a sofa that costs 120 in order that it may be offered at a discount of 20% on the marked price and still make a profit of 25% on the selling price?

 

[topdent1]

do you have the answer?

 

[Thundercatz]

do you have the answer?

Yea, its 200 dollars. I can get the answer but I am not really understanding the concept.. hehe

 

[TheGreenWave]

Hi,

Could someone show me how to setup this problem? I hate these percentage problems 🙁.

At what price should a merchant mark a sofa that costs 120 in order that it may be offered at a discount of 20% on the marked price and still make a profit of 25% on the selling price?

heres what i got for you:

-sofa costs merchant $120
-wants to sell at a price where he makes 25% profit (120/4) = 30
-so to make $30, it must be sold at $150 (120 + 30)
-The last thing you have to do is figure out what the price should be marked at so 20% = $150
- marked price*.8 = $150
- marked price = 150 (10/8) = $187.5

Hopefully streetwolf wont come on and tell me im wrong haha 😀

 

[Thundercatz]

heres what i got for you:

-sofa costs merchant $120
-wants to sell at a price where he makes 25% profit (120/4) = 30
-so to make $30, it must be sold at $150 (120 + 30)
-The last thing you have to do is figure out what the price should be marked at so 20% = $150
- marked price*.8 = $150
- marked price = 150 (10/8) = $187.5

Hopefully streetwolf wont come on and tell me im wrong haha 😀

HAHA! The answer is 200. Thanks though! Paging streetwolf!!!!!

 

[TheGreenWave]

Yea, its 200 dollars. I can get the answer but I am not really understanding the concept.. hehe

what are the other answer choices? are there any other ones above $188?? if not, 200 would be right...

 

[Thundercatz]

what are the other answer choices? are there any other ones above $188?? if not, 200 would be right...

i am actually doing problems from an algebra book, so they dont give you any multiple choices to choose from.

 

[PooyaH]

heres what i got for you:

-sofa costs merchant $120
-wants to sell at a price where he makes 25% profit (120/4) = 30
-so to make $30, it must be sold at $150 (120 + 30)
-The last thing you have to do is figure out what the price should be marked at so 20% = $150
- marked price*.8 = $150
- marked price = 150 (10/8) = $187.5

Hopefully streetwolf wont come on and tell me im wrong haha 😀

That's how I did it too! I guess it's not the right answer! lol

 

[AdaAda87]

can u post the solutions? so someone can explain it? thanks!

 

[doc3232]

Ok, I will explain it.
The question is 100% wrong...
Like everyone said, we want the price after the 20% discount to be 150.
The correct answer is 187.50.
NOT 200!!!!

 

[Thundercatz]

Ok, I will explain it.
The question is 100% wrong...
Like everyone said, we want the price after the 20% discount to be 150.
The correct answer is 187.50.
NOT 200!!!!

You guys are too funny!

Here is the soln in the book.

Let X = the mark price; then the sale price = x - .20x = .80x
Since profit = 25% of the price, cost = 75% of sale price.

So cost = .75(sale price)

120 = .75(.80x) = 200

 

[doc3232]

You guys are too funny!

Here is the soln in the book.

Let X = the mark price; then the sale price = x - .20x = .80x
Since profit = 25% of the price, cost = 75% of sale price.

So cost = .75(sale price)

120 = .75(.80x) = 200

You are still wrong.
You just did a 25% discount. .75 and .8 are not the same thing
Let me explain: Let us work backwards: 200 minus the 20% discount is 160
160-120=40
40/120 = 33% profit

Why would you believe a book over some 10 SDNers...
SDN>all resources

 

[Thundercatz]

You are still wrong.
You just did a 25% discount. .75 and .8 are not the same thing
Let me explain: Let us work backwards: 200 minus the 20% discount is 160
160-120=40
40/120 = 33% profit

Why would you believe a book over some 10 SDNers...
SDN>all resources

Read the question. It is not asking for 25% profit from the SELLING price, not the COST.

 

[doc3232]

Read the question. It is not asking for 25% profit from the SELLING price, not the COST.

???
Question is still wrong.
profit means it is based on cost price.
to make of a profit of 25% on a selling price could also mean to make a 25% gain from selling the item.

 

[Thundercatz]

???

I meant its asking from selling price not cost. 😀

Its an algebra book from Schaums and my professor recommended it to me, so I am inclined to believe it more than a few guys.

 

[PooyaH]

I meant its asking from selling price not cost. 😀

Its an algebra book from Schaums and my professor recommended it to me, so I am inclined to believe it more than a few guys.

Hey I don't know the right answer to this question if the one I already did isn't right! But one thing I know for sure is that what you're saying does not make sense what so ever or I'm missing a point here! What do you mean the profit from the SELLING price??? Doesn't profit mean whatever you earn after COSTS? So if the cost of something is 10 dollars and you sell it for 30 dollars! How on earth can you make a profit off of the selling price? The selling price could be anything but whatever it is your profit is still what the difference between the cost and the selling price!!!

 

[doc3232]

Hey I don't know the right answer to this question if the one I already did isn't right! But one thing I know for sure is that what you're saying does not make sense what so ever or I'm missing a point here! What do you mean the profit from the SELLING price??? Doesn't profit mean whatever you earn after COSTS? So if the cost of something is 10 dollars and you sell it for 30 dollars! How on earth can you make a profit off of the selling price? The selling price could be anything but whatever it is your profit is still what the difference between the cost and the selling price!!!

Exactly 👍

 

[Streetwolf]

Hi,

Could someone show me how to setup this problem? I hate these percentage problems 🙁.

At what price should a merchant mark a sofa that costs 120 in order that it may be offered at a discount of 20% on the marked price and still make a profit of 25% on the selling price?

Sofa costs 120 and he wants to make a profit of 25% on the selling price, which happens to be 20% of the marked price. The selling price isn't the purchased price so you want x such that 0.75x = 120. Thus x = 160. Since this was after a 20% discount, you want x such that 0.80x = 160. Thus x = 200.

Weird wording but I think that's what they want. I say bad problem.