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:
-
Definitions:
- Cost Price ©: $1,400
- Selling Price (S): The price we need to find.
- Profit §:
-
Understanding the Profit Percentage:
- A 50% profit on the selling price means:
- Substituting the profit definition:
- A 50% profit on the selling price means:
-
Solving for
: -
Verification:
- Profit:
- Profit Percentage on Selling Price:
- Profit:
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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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.