If I made 962,000 at 1.55 percent mark up how much profit would I have made at 1.52 mark up

Question

If I made 962,000 at 1.55 percent mark up how much profit would I have made at 1.152 mark up??

Answer 1

P ( 1 + 0.0115) = 962,000

 

 P = 962,000  = 951,062. 78   / Profit before mark up

       1.0115

 

 951, 062.78 ( 1 + 0. 0152) = 936823.

Answer 2

Set-up the problem:

962,000=x times 1.55 

(x is the original amount prior to the 1.55 mark-up)

x=620,645.1613 

 

Solve:

620,645.1613 x 1.52=714,983.2258

714,983.2258-620,645.1613=94338.0645

 

Round this answer to: $94338.06

 

 

 

Answer 3

New Cost = Original Cost + % of Original Cost

$962,000 =1 Original Cost + .0155 Original Cost

$962,000 = 1.0155 x Original Cost

$962,000/1.0155 = Original Cost

$947,316.59 = Original Cost

 

New Cost = $947,316.59 +(0.0152 x $947,316.59)

New Cost = $961,715.80

 

Profit = New Cost - Original Cost = $961,715.80- $947, 316.59 = $14,399.21

 

 

Answer 4

If you made $962,000 at 1.55% markup that means the original price was $947,316.60

How did I get that? Well, from the formula... (original price)(% of the cost) + original price=final price

So, 962,000=x + x(0.0155), then 962,000=1.0155x, and then solve for x that is $947,316.60

Since we have the original price now you can see how much you could have made with 1.152% markup

So, with the formula.... $947,316.60(0.01152) + $947,316.60= $958,229

At 1.152% markup you would have made $958,229