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mophead
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A furniture delaer purchased a desk for $150 and then set 01 Sep 2005, 06:05
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A furniture delaer purchased a desk for $150 and then set the selling price equal to the purchase price plus a markup that was 40% of the selling price. If the dealer sold the desk at the selling price, what was the amount of the dealer's gross profit from the purchase of the sale of the desk?

a) 40
b) 60
c) 80
d) 90
e) 100

please show work...thanks.



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A furniture delaer purchased a desk for $150 and then set 01 Sep 2005, 08:12
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E
150 + 0.4S = S

so S = 250 and profit = 100
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edsilver
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A furniture delaer purchased a desk for $150 and then set 06 Sep 2005, 12:42
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I got a) 40

This is because the sale price was the original price of $150.00 plus 40%. Since 40% of $150.00 is $60.00 the total sale price is $210.00. This is a profit of $60 which is a 40% increase over the original purchase price of $150.00.

I don't understand how you guys got E. Can someone please clarify where I went wrong?

thx
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chets
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A furniture delaer purchased a desk for $150 and then set 06 Sep 2005, 14:05
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edsilver
I got a) 40

This is because the sale price was the original price of $150.00 plus 40%. Since 40% of $150.00 is $60.00 the total sale price is $210.00. This is a profit of $60 which is a 40% increase over the original purchase price of $150.00.

I don't understand how you guys got E. Can someone please clarify where I went wrong?

thx
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I think you got the wording wrong. The question says "selling price equal to the purchase price plus a markup that was 40% of the selling price"

Sale price (SP) = 150 + 40 % of SP

SP - .4*SP=150, or SP = 250. and therefore profit = 100.



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Hi there,
This topic has been closed and archived due to inactivity or violation of community quality standards. No more replies are possible here.
Where to now? Join ongoing discussions on thousands of quality questions in our Problem Solving (PS) Forum
Still interested in this question? Check out the "Best Topics" block above for a better discussion on this exact question, as well as several more related questions.
Thank you for understanding, and happy exploring!
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