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A store received 200 containers of milk to be sold by February 1. Each container cost the store $0.71 and sold for $1.55. The store signed a contract with the distributor in which the distributor agreed to a $0.50 refund for every container not sold by February 1. If 170 containers were sold by February 1, how much profit did the store make? OA. $136.50 OB. $121.50 OC. $161.70 OD. $142.80 SHE

A store received 200 containers of milk to be sold by February 1. Each container cost the store $0.71 and sold for $1.55. The store signed a contract with the distributor in which the distributor agreed to a $0.50 refund for every container not sold by February 1. If 170 containers were sold by February 1, how much profit did the store make? OA. $136.50 OB. $121.50 OC. $161.70 OD. $142.80 SHE

Elementary Geometry For College Students, 7e
Elementary Geometry For College Students, 7e
7th Edition
ISBN:9781337614085
Author:Alexander, Daniel C.; Koeberlein, Geralyn M.
Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.
ChapterP: Preliminary Concepts
SectionP.CT: Test
Problem 1CT
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**Problem Solving Using the Four-Step Method** **Scenario:** A store received 200 containers of milk to be sold by February 1. Each container cost the store $0.71 and sold for $1.55. The store signed a contract with the distributor, in which the distributor agreed to a $0.50 refund for every container not sold by February 1. If 170 containers were sold by February 1, how much profit did the store make? **Options:** - A. $136.50 - B. $121.50 - C. $161.70 - D. $142.80 **Steps to Solve the Problem:** 1. **Identify what is being asked:** - Determine the total profit made by the store. 2. **Figure out the information you know:** - Total containers received: 200 - Containers sold: 170 - Cost per container: $0.71 - Selling price per container: $1.55 - Refund per unsold container: $0.50 3. **Find any patterns or calculations that need to be done:** - Calculate the cost for 170 sold containers. - Calculate the revenue for 170 sold containers. - Calculate the number of unsold containers and the corresponding refund. - Determine total costs, total revenue, and refunds received. 4. **Work through the solution:** - **Cost for 170 sold containers:** 170 x $0.71 = $120.70 - **Revenue from selling 170 containers:** 170 x $1.55 = $263.50 - **Unsold containers:** 200 - 170 = 30 - **Refund from unsold containers:** 30 x $0.50 = $15.00 - **Total Revenue:** Revenue from sold containers + Refund = $263.50 + $15.00 = $278.50 - **Total Cost:** Cost of all containers = 200 x $0.71 = $142.00 - **Profit:** Total Revenue - Total Cost = $278.50 - $142.00 = $136.50 **Correct Answer: A. $136.50**
Transcribed Image Text:**Problem Solving Using the Four-Step Method** **Scenario:** A store received 200 containers of milk to be sold by February 1. Each container cost the store $0.71 and sold for $1.55. The store signed a contract with the distributor, in which the distributor agreed to a $0.50 refund for every container not sold by February 1. If 170 containers were sold by February 1, how much profit did the store make? **Options:** - A. $136.50 - B. $121.50 - C. $161.70 - D. $142.80 **Steps to Solve the Problem:** 1. **Identify what is being asked:** - Determine the total profit made by the store. 2. **Figure out the information you know:** - Total containers received: 200 - Containers sold: 170 - Cost per container: $0.71 - Selling price per container: $1.55 - Refund per unsold container: $0.50 3. **Find any patterns or calculations that need to be done:** - Calculate the cost for 170 sold containers. - Calculate the revenue for 170 sold containers. - Calculate the number of unsold containers and the corresponding refund. - Determine total costs, total revenue, and refunds received. 4. **Work through the solution:** - **Cost for 170 sold containers:** 170 x $0.71 = $120.70 - **Revenue from selling 170 containers:** 170 x $1.55 = $263.50 - **Unsold containers:** 200 - 170 = 30 - **Refund from unsold containers:** 30 x $0.50 = $15.00 - **Total Revenue:** Revenue from sold containers + Refund = $263.50 + $15.00 = $278.50 - **Total Cost:** Cost of all containers = 200 x $0.71 = $142.00 - **Profit:** Total Revenue - Total Cost = $278.50 - $142.00 = $136.50 **Correct Answer: A. $136.50**
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