Chapter 4.7, Problem 56STP

To determine

To find: the profit percent for the wrenches.

Answer to Problem 56STP

The profit percent for the wrenches is $40\%$ .

Explanation of Solution

Given information:

Cost price of $12$ wrenches is $\$30$ per dozen.

Selling price of $1$ wrenches is $\$3.50$ .

Formula used:

  $S.P-C.P=P$ ,where $P$ is profit, $S.P$ is selling price, $C.P$ is cost price.

Also profit%= $\frac{P}{C.P}*100\%$ where $P$ is profit, $C.P$ is cost price.

Calculation:

Consider that the profit percent of the wrenches is $x\%$ .

As mentioned in the problem cost price of $12$ wrenches is $\$30$ dozen.

Therefore cost price of $1$ wrenches is $\frac{30}{12}=\$2.50$ .

As mentioned in the problem selling price of $1$ wrenches is $\$3.50$ .

Recall that $S.P-C.P=P$ where $P$ is profit, $S.P$ is selling price, $C.P$ is cost price.

Therefore $\$3.50-\$2.50=\$1$ where profit is $\$1$ for $1$ wrenches.

Also recall that profit%= $\frac{P}{C.P}*100\%$ where $P$ is profit, $C.P$ is cost price.

Therefore profit%= $\frac{1}{2.50}*100\%=40\%$ .

Therefore the profit percent of $1$ wrenches is $x\%$ which is equivalent to $40\%$ .