I need help please.
The usual markup on shoes at Fast Times Department Store is 240%. During a 25%-off sale, the store sold a pair of shoes for $39.95. Estimate the amount of the store's profit on the shoes.
x +x(2.40) = normal cost of the shoes This is the cost plus 240%
Simplify:
x(1+2.40)
3.40x
if it is 25% off, you are paying 75% of that price.
.75(3.40)x = 39.95
x = 15.67
Check it by 15.67 + 2.40(15.67) to get
53.27
Then during the sale you are paying 75% of the price which is 39.95
That is quite a markup :
I have a sneaking suspicion that they mean 140% markup but will do it as stated
.75 * price = 39.95
so usual price = 53.27
cost + 2.40 * cost = 53.27
3.40 * cost = 53.27
cost = 15.67
39.95 - 15.67 = 24.28
John thanks for helping. Just to make sure, is the store's profit $53.27
To estimate the amount of the store's profit on the shoes, we'll need to determine the original price of the shoes before the 25% discount. Here's how you can calculate it:
1. Start by setting up an equation using the given information:
Let "x" be the original price of the shoes.
25% off the original price can be represented as: 0.75x (75% of the original price, after the discount).
2. Apply the given information about the markup:
The usual markup on shoes at Fast Times Department Store is 240%, which means the store sells the shoes for 2.4 times the original price.
So, the selling price after the markup can be represented as: 2.4 * x.
3. Determine the selling price during the sale:
The store sold a pair of shoes for $39.95, which is 75% (0.75) of the original price (after the discount).
Therefore, we can set up the equation: 0.75x = $39.95.
Now, let's solve this equation to find the original price of the shoes:
0.75x = $39.95
Divide both sides of the equation by 0.75:
x = $39.95 / 0.75
x ≈ $53.27
So, the original price of the shoes before the 25% discount was approximately $53.27.
To estimate the amount of the store's profit on the shoes, we can calculate the difference between the selling price after markup and the original price of the shoes:
Profit = Selling price - Original price
Profit = (2.4 * $53.27) - $53.27
Calculating the expression:
Profit ≈ ($127.85) - $53.27
Profit ≈ $74.58
Therefore, the estimated amount of the store's profit on the shoes is approximately $74.58.