clay potts owns a pottery store. his brother jack works there for $50 dollars there and then gets .1 percent of the daily profits. clay gets the rest of the profits.
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A) What number of dollar PROFIT must the store make in one day for each person to get the SAME ammount of money?
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please help me. this is the last question on my homework
and i would like to be done.
Thank you.
Write equations to model the situation.
j=50+.01p
c=p-(50+.01p)
where p is the daily profit, j is Jack's salary, and c is Clay's salary
Since their salaries will be the same, set j equal to c.
50+.01p = p-(50+.01p)
Solve the equation for p, and you should get $102.04.
Wait, you said .1 percent... that would be ".001p" rather than ".01p" unless you meant 1 percent.
To answer this question, we need to set up an equation. Let's say the daily profit of the pottery store is x dollars. According to the information given, Clay gets the rest of the profits, which means he gets x - 50 dollars.
Jack, on the other hand, gets a percentage of the daily profits. Since he gets 0.1 percent of the daily profits, he receives (0.001 * x) dollars.
We need to find the value of x for which Clay's and Jack's earnings are equal. Therefore, we set up the equation:
x - 50 = 0.001x
Now, we can solve this equation to find the value of x:
Subtract 0.001x from both sides: x - 0.001x - 50 = 0
Combine like terms: 0.999x - 50 = 0
Add 50 to both sides: 0.999x = 50
Divide both sides by 0.999: x ≈ 50/0.999
Using a calculator, we find that x is approximately 50.05005.
Therefore, the store must make a profit of around $50.05 in order for Clay and Jack to earn the same amount of money.