Pricing

Algebra Level 3

The cost of a product to a retailer is $ 3.40 \$3.40 . If the retailer wants his profit to be 20% of the selling price, then at what price should the product be sold?

4.25 4.08 4.00 4.20

Rawan Medhat by Rawan Medhat , 22, Egypt

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1 solution

James Wilson
Jan 15, 2021

Let P P be the profit. Then P = 0.2 ( 3.4 + P ) ⇒ P = 0.85. P=0.2(3.4+P)\Rightarrow P=0.85. Adding this on to the original price, we get 3.4 + 0.85 = 4.25. 3.4+0.85=4.25.

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