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PS OG

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by gettin there » Thu Oct 30, 2008 9:31 pm
A furniture dealer 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 and the sale of the desk?


*$40
*$60
*$80
*$90
*$100
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Re: PS OG

by parallel_chase » Thu Oct 30, 2008 9:46 pm
gettin there wrote:A furniture dealer 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 and the sale of the desk?


*$40
*$60
*$80
*$90
*$100
CP = 150

SP = CP + 40%SP

SP = 150 + .4SP

.6SP = 150

SP = 150 * 10/6 = 250

profit = SP-CP = 250-150 = 100

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