Question

!!!!!!!!!!!!!!!!! 100 POINTS !!!!!!!!!!!!!!!!!!

How would you go about solving this?


David is selling potted plants and is making a 60% profit on each sale. He sells each potted plant for £6.40. If David wants to make an 80% profit on each sale instead, how much should he sell each potted plant for?

Give your answer in pounds (£) to the nearest 1p.

Answer 1

£7.20

====================

Use the formula:

• selling price = cost price + profit

Here, the selling price is £6.40 and profit is 60% of the cost price. So:

• £6.40 = cost + 0.60 × cost

which simplifies to

• £6.40 = 1.60 × cost

That gives us the cost price of £4.00 upon dividing £6.40 by 1.60.

Now, to achieve an 80% profit, we calculate the new selling price with the formula:

• new selling price = cost + 80% of cost

That is:

• £4.00 + 0.80×£4.00 =
• £4.00 + £3.20 =
• £7.20

Therefore, David should sell each potted plant for £7.20 to make an 80% profit on each sale.