A store owner buys 40 shirts for $600. She then adds 40% to her cost and tags each shirt with the same selling price. What is the amount of profit for each shirt?
Please help me!!!
600 / 40 = $15
15 * 0.4 = $6.00 profit on each shirt
To find the amount of profit per shirt, we need to determine the selling price of each shirt and subtract the cost price.
First, let's calculate the selling price of each shirt. The store owner adds 40% to her cost, which means the selling price is 140% of the cost price because 100% (the cost price) + 40% (the additional amount) = 140%.
To find the selling price per shirt, we need to divide the total cost by the number of shirts bought: $600 / 40 shirts = $15 per shirt (the cost price).
Now, we can calculate the selling price per shirt: $15 x 140% = $21 per shirt.
Finally, to find the profit per shirt, we subtract the cost price from the selling price: $21 - $15 = $6.
Therefore, the amount of profit for each shirt is $6.