Question

If a ring costs a jeweler , at what price should it be sold to yield a profit of on the selling price? $

Ask by Moreno Ford. in the United States
Jan 24,2025

Upstudy AI Solution

Tutor-Verified Answer

Answer

The ring should be sold for $2,800 to achieve a 50% profit on the selling price.

Solution

To determine the selling price that yields a 50% profit on the selling price, let’s break down the problem:
  1. Definitions:
    • Cost Price ©: $1,400
    • Selling Price (S): The price we need to find.
    • Profit §:
  2. Understanding the Profit Percentage:
    • A 50% profit on the selling price means:
    • Substituting the profit definition:
  3. Solving for :
  4. Verification:
    • Profit:
    • Profit Percentage on Selling Price:
Final Answer: The ring should be sold for $2,800 to achieve a 50% profit on the selling price.
Answer:

Answered by UpStudy AI and reviewed by a Professional Tutor

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Simplify this solution

Beyond the Answer

To calculate the selling price that will yield a profit of on the selling price, let’s denote the selling price as . The jeweler needs to cover the cost of the ring, which is , and make a profit that is of .
This means the equation can be set up as follows:
This simplifies to:
Now, solving for :
Therefore, the ring should be sold for to yield a profit of on the selling price.

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