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Maths Made Easy › Forums › Standard › Finance › Budgeting & Household Expenses › Purchasing
Tagged: Discounts, Profit, Purchasing
A squash racquet is sold for a profit of 40% on the cost price. If the selling price is $42, find the cost price. | |
100% + 40% = 140% | If the profit is 40%, that means it went up from the original 100% by 40% to 140% |
140%x = 42 | since the selling price is $42, this means that 140% is $42 if we let the cost price be x then 140% of x = 42 |
140%x140%=42140%140%x140%=42140% | to solve this equation we need to divide both sides by 140% |
x = 42 ÷ 140%
= 30 |
do not forget to include the % sign when dividing, or alternatively divide by 1.4, which is equal to 140% |
cost price = $30 |
When an antique is sold for $1650, a profit of 30% is made. For what price was the antique originally purchased.
that price of 1650 is INCLUDING the profit, which means it is 130% so to find the original, we must do the money ÷ the percent 1650 ÷ 130% = $1269.23
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