If the gross profit rate on the sale of a radio if 28% of the selling price, what is the gross profit rate based on the cost of the radio?

Question

Please show your work.

Answer 1

Let C = Cost to the store of one radio (cost of producing or acquiring it)

 

Profit rate based on sale is 0.28 = (S - C) / S where S = selling price  EQUATION 1.

 

Profit rate based on cost = (S - C) / C                                               EQUATION 2.

 

Equation 1 tells us that .28S = S - C, or C = 0.72S, so S/C = 1/0.72

 

equation 2 tells us that Profit based on Cost = S/C - 1; substituting gives this as 1/0.72 - 1 = 0.3889 or 38.89%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Answer 2

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