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 selling price , what was the amout of the dealers gross profit from the purchase and the sale of the desk.
Please help me solve it.
OA-100
Gross Profit
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- sureshbala
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This is simpe...Ok, let me explain this....
Let the selling price be X.
Given that
Selling Price = Purchase Price + 40% of the Selling Price
i.e X = 150 + 40%(X)
Hence 60%(X) = 150
Thus X = 250.
So the purchase price is 150 and selling price is 250
Hence the profit = 100
Hope this is lucid
Let the selling price be X.
Given that
Selling Price = Purchase Price + 40% of the Selling Price
i.e X = 150 + 40%(X)
Hence 60%(X) = 150
Thus X = 250.
So the purchase price is 150 and selling price is 250
Hence the profit = 100
Hope this is lucid