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PROFITS.....

by smclean23 » Wed Jul 16, 2008 3:42 pm
A merchant purchased a jacket for $60 and then determined a selling price that equalled the purchase price of the jacket plus a markup that was 25 percent of the selling price. During a sale, the merchant discounted the selling price by 20 percent and sold the jacket. What was the merchant’s gross profit on this sale?
(A) $0
(B) $3
(C) $4
(D) $12
(E) $15
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by TRANGZON » Wed Jul 16, 2008 4:34 pm
purchased price $60

selling price X

selling price that equalled the purchase price of the jacket plus a markup that was 25 percent of the selling price

--> 0.25X + 60 = X
--> X = 80

After 20 percent discount 80 x 0,8 = 64
Profit 4 --> C
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