Hi Bob! First, profit is how much money goes in your pocket. A simple equation for that is:
price you sell an item for - cost to produce the item = profit
For this magnet example, you sell each magnet for $1.75. If you sell 1 magnet you do 1.75*1 and if you sell 2 magnets you do 1.75*2. We don't know the amount of magnets so we will say 1.75*m. So that is the first part of the equation.
For the second part, we want to look at the cost to produce which is 10 dollars plus 1.25 for each magnet. Again, we don't know how many magnets we sold. So that would be 10 + 1.25m for the second part of the equation.
For the right hand side of the equation, we are told that the profit is 60.
Plugging all of that in:
1.75m - (10 + 1.25m) = 60
Now you just need to solve for m. Let me know if you need more help!
