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Question

Angelica's service club is selling flowers for a fundraiser. Each flower costs them $0.50 to purchase. They set the sale price of each flower at the purchase price plus 40%. Write and solve an equation to determine how many flowers they will need to sell to make a profit of $500. Use complete sentences to explain what each number and variable in your equation represents. Write your solution in the context of the original problem.

Answer 1

Profit = Revenue - Costs

 

Revenue = (Sales Price of each Flower)*(Number of Flowers)

 

Let x = the number of flowers sold

 

Revenue = {($0.50)+(0.4)($0.50)}*x                 [Sales Price = $0.50 plus 40% markup]

Revenue = ($0.70)x

 

Cost = (Cost of each Flower)*(Number of Flowers)

 

Cost = ($0.50)x

 

Profit = ($0.70)x - ($0.50)x

Profit = ($0.20)x

 

To make a $500 profit:

 

$500 = ($0.20)x

 

Solve for x.