consumer arithmetic - profit

Question

a shop made a profit of 6.2% last year. If the actual profit was $156 000, what were the total costs and what were the total sales?

Answer 1

This looks like a basic percent problem

 

Profit = Percent/100 x TotalCost

 

TotalSales = Profit + TotalCost

 

156000= .062 x TotalCost

TotalCost = 2516129.032

 

TotalSales = 2516129.032 + 156000

TotalSales = 2672129.032