Percent problem: retailer makes 30% profit on $520 item

[LisaPersad]

A sofa sells for $520. If the retailer makes a 30% profit, what was the wholeslae price?

Multiple Choices:
A. $400
B. $676
C. $490
D. $364

 

[Deleted member 4993]

Re: Help with Percent problem please!!

A sofa sells for $520. If the retailer makes a 30% profit, what was the wholeslae price?

Multiple Choices:
A. $400
B. $676
C. $490
D. $364

Please show us your work, indicating exactly where you are stuck, so that we know where to begin to help you.

To start

Wholesale price = x

Profit = 30% of wholesale price = 0.3 * x

selling price = x + 0.3*x

Now continue...

 

[LisaPersad]

Re: Help with Percent problem please!!

I tried this:

$520/X = 30/100
30x = 52000
x = 52000/30
x=160

So then I subtracted 160 from 520 = 360....but that is not a chioce.
I don't know where I went wrong? Please help me.

Lisa

 

[Deleted member 4993]

Re: Help with Percent problem please!!

I tried this:

$520/X = 30/100 <<< What is 'x'? How is this equation true (it is not true)?
30x = 52000
x = 52000/30
x=160 <<< How did you get that? Does not follow from above.

Try to follow the steps I showed you.

So then I subtracted 160 from 520 = 360....but that is not a chioce.
I don't know where I went wrong? Please help me.

Lisa

 

[LisaPersad]

Re: Help with Percent problem please!!

I understand what your saying but.... why add x + .3x?

And why does 520 = x + .3x?

 

[LisaPersad]

Re: Help with Percent problem please!!

Can you help me with math problems that deal with deductive reasoning?

 

[swatiSF]

Re: Help with Percent problem please!!

I understand what your saying but.... why add x + .3x?

And why does 520 = x + .3x?

$520 = Selling price = wholesale price + 30% profit

30% profit is in terms of profit (i.e., the profit is the amount ABOVE and beyond the wholesale price).

Let wholesale price = X

$520 = X + .3X
in other words, the selling price, $520, is the wholesale price, X, plus 30% profit, .3X
The .3X is profit because it is above (or more than) the wholesale price (or the cost).

$520 = 1.3X

...

I hope this helps!