Question

Our cost is $55. We want to resell the product so that we make a 30% profit. Find the resale price.

Answer 1

Why is the answer not simply \[55(1+.30)=price\]

Answer 2

Why is the solution really...\[\large \frac{55}{100-30 \over 100}=price\]

Answer 3

im not sure...i thought you would find 30% of 55 and then add that to $55 to get the resale price now im not sure...

Answer 4

Your solution is \[55(.30)+55=55(1+.30)\] but thanks anyway

Answer 5

ok sorry

Answer 6

I never took finance so I'm trying to wrap my mind around this

Answer 7

oh well neither did i haha sorry im in 10th grade

Answer 8

It's based on how they calculate the percentage. They want\[\frac{price-55}{price}=.3\]I don't know why that's the way they do it, but just go with it I suppose.

Answer 9

That actually makes a lot of sense. Thank you

Answer 10

\[\frac{p-55}{p}=.3\]\[p-55=.30p\]\[55=p-.30p\]\[55=p(1-.30)\]\[p=\frac{55}{.70}\]\[:)\]