Molly bought a pair of gloves and a skirt the gloves cost £8 She sold the gloves and the skirt for a total of £72 She made 100% profit on the cost of gloves she made 20% profit on the total cost work out the percentage profit on the cost of the skirt give your answer to 1 decimal place
Let x be the cost of the skirt.
Given:
Cost of gloves = £8
Total selling price = £72
100% profit on the cost of gloves
20% profit on total cost
Total cost = Cost of gloves + Cost of skirt = £8 + x
Total profit = Total selling price - Total cost = £72 - (£8 + x) = £64 - x
Since Molly made 100% profit on the cost of gloves, the cost of gloves doubled when sold. This means the selling price of the gloves was £16.
Since she made 20% profit on the total cost, the profit made on the total cost is 20% of the total cost:
20% of (8 + x) = 0.20(8 + x) = £64 - x
0.20(8 + x) = £64 - x
1.6 + 0.20x = 64 - x
1.20x = 62.4
x = 52
So, the cost of the skirt was £52.
The profit made on the skirt was:
Selling price of the skirt - Cost of the skirt = £20
Profit percentage on the skirt = (Profit on the skirt / Cost of the skirt) * 100%
= (20 / 52) * 100%
≈ 38.5% (rounded to 1 decimal place)
Therefore, the percentage profit on the cost of the skirt was approximately 38.5%.