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Aut2Know
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03 Feb 2016, 10:40 pm

I have a very simple problem in my book. I can't seem to get what I'm missing in their wording of the problem. here it is:
"A college bookstore purchased math textbooks for $54 each. At what price should the bookstore
sell the books if the bookstore wants to make a profit of 60% of the selling price?
Solution
Let's represent the selling price.
Selling price Equals Cost Plus Profit
s is the selling point
s = $54 + (60%)(s)
Solving this equation yields 135
The selling price should be $135."

I have no idea how this even makes sense. Maybe just don't understand the wording? Or maybe I don't understand profit?? Highly unlikely I feel like.

My obvious answer would be just 54 * 1.6. I'm not sure how 135 is 60% profit on 54, 135 is the price of the book made back, another 54 profit, and then the 60% of 54 on top of that. How is my book reaching this conclusion?

edit: looking back my obvious answer is wrong. I still am having troubles grasping this. Man I can self teach programming like nothing but trying to catch up on simple pre-algebra is a nightmare. Something about these incredibly simple word problems just shorts me out :/

edit: doh! I get it, 54 is 40% of the selling price, therefore giving a 60% gain in the overall price when selling at 135.

On another note, I'm terrified of the future if I can't even really understand what they are really trying to ask in simple problems like this... I tried to come up with a way to explain it to myself were I capable of going to the past, I'm not sure it would even be possible... Just something I apparently have to mull over til it clicks.



MDD123
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06 Feb 2016, 2:32 am

Aut2Know wrote:

purchased math textbooks for $54 each.
make a profit of 60% of the selling price


Solution:
s is the selling point
s = $54 + (60%)(s)



My initial reaction was to use 1.6 * cost, but they're asking for profit to be 60% of the selling price.

Well, no matter what, the profit is going to wind up being equal to: ($(Price) - $54
It's just that in this case, they want profit to also equal to: 0.6 * $(Price)

Using your terms, it gives the equation:
0.6 * s = s - $54


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Sabreclaw
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08 Feb 2016, 10:01 am

Yeah... these worded questions always boggle my mind.



bushratcandy
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11 Feb 2016, 10:17 am

"A college bookstore purchased math textbooks for $54 each. At what price should the bookstore sell the books if the bookstore wants to make a profit of 60% of the selling price?

The trick is you have to work out 60% of the selling price:

selling price - cost = profit

profit = 60% of selling price

let s represent the selling price


so

s - $54 = 0.6s

-> s - $54 + $54 = 0.6s + $54 = $54 + (60%)s (as per your book)

-> 1s - 0.6s = $54 + 0.6s - 0.6s

-> 0.4s = $54

-> s = $54/0.4 = $135

Hope this helps :o)


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bushratcandy
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11 Feb 2016, 10:20 am

MDD123 wrote:
Aut2Know wrote:

purchased math textbooks for $54 each.
make a profit of 60% of the selling price


Solution:
s is the selling point
s = $54 + (60%)(s)



My initial reaction was to use 1.6 * cost, but they're asking for profit to be 60% of the selling price.

Well, no matter what, the profit is going to wind up being equal to: ($(Price) - $54
It's just that in this case, they want profit to also equal to: 0.6 * $(Price)

Using your terms, it gives the equation:
0.6 * s = s - $54


Sorry vet, I didn't notice you'd already replied :oops:


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MDD123
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12 Feb 2016, 1:23 am

bushratcandy wrote:
Sorry vet, I didn't notice you'd already replied :oops:


That's no problem at all, you actually explained it more throughly and without typos lol.


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Chronos
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12 Feb 2016, 6:06 pm

First let's work backwards to understand what the expression for the sale price is actually saying.

s=54+0.6s and the solution says s = 135, then the equation says, 135 = 54 + some percentage of 135 which is less than 135 itself.

Now with that in mind, working forwards, let's say you are the bookstore and you bought a book for $54 dollars and want to sell it such that your profit is some percentage of what you sold it for.

A general expression for profit is p = sold for - bought for. We know you bough the book for $54 so
p= sold for - 54

In this case, we want our profit to also be some percentage, x, of what we sold it for. So p = x * sold for

Equating both p's

x * sold for = sold for - 54

Let's called "sold for" s.
xs = s - 54

We can test to make sure this is correct. Let's say we bought the book for $54 and sold it for $54. That means we broke even and make no profit, so our profit was 0% of the sale price. We can plug these values in to both sides of the equation. If our equation is correct, the sides will be equal.

Let x = 0 and s = 54

0*54 = 54-54
0 = 0

Ok, our equation works.

Now let our profit be 60% of the sale price, and the sale price be what we are solving for.

0.6s = s - 54

Rearranging to solve for s....

0.6s - s = - 54

- 0.4 s = - 54

54 = 0.4s

54/0.4 = s

135 = s

Does the logic make sense now or is it more confusing?