By selling an object at $10, you earn "m%" of the purchase price. What percentage (%) do you earn when you sell it at $11? Express formula for calculation and explain why.
By selling an object at $10, you earn "m%" of the purchase price. What percentage (%) do you earn when you sell it at $11? Express formula for calculation and explain why.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
Course: Financial Mathematics
By selling an object at $10, you earn "m%" of the purchase price. What percentage (%) do you earn when you sell it at $11? Express formula for calculation and explain why.
Expert Solution
Step 1
Let the purchase price be $p.
Then, profit/earning when the product is sold for $10 = $(10 - p)
According to the problem,
10 - p = p × m%
=> 10 - p = pm/100
=> p + pm/100 = 10
=> p(1 + m/100) = 10
=> p(100 + m)/100 = 10
=> p = 1000/(100 + m)
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Follow-up Questions
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Follow-up Question
I'm confused. According my professor, answer is expression: (10 + 1,1m)%
Could you explain in other way? Please :D
Solution
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