Question

Use an algebraic approach to solve each problem. (Objective 2) A textbook costs a bookstore $$\$ 75,$$ and the store sells it for $$\$ 93.75 .$$ Find the rate of profit based on the selling price.

Name: Problem 40, Chapter 2: Intermediate Algebra
Uploaded: 2022-02-25T21:10:57-08:00
Duration: 35 s
Channel: Victor Salazar
Description: Use an algebraic approach to solve each problem. (Objective 2) A textbook costs a bookstore 75, and the store sells it for 93.75 . Find the rate of profit based on the selling price.

   Use an algebraic approach to solve each problem. (Objective 2)
A textbook costs a bookstore $$\$ 75,$$ and the store sells it for $$\$ 93.75 .$$ Find the rate of profit based on the selling price.

Intermediate Algebra

Jerome E. Kaufmann,… 10th Edition

Chapter 2, Problem 40

Instant Answer

Solved by Expert Victor Salazar

02/25/2022

Step 1

The profit is the selling price minus the cost price. So, the profit is $$\$93.75 - \$75 = \$18.75.$$ Show more…

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Use an algebraic approach to solve each problem. (Objective 2) A textbook costs a bookstore $$\$ 75,$$ and the store sells it for $$\$ 93.75 .$$ Find the rate of profit based on the selling price.

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Key Concepts

Algebraic Approach

An algebraic approach involves representing relationships between quantities using equations and solving for unknowns. In this context, it helps in systematically deriving the rate of profit from the given values.

Percentage Calculation

Calculating percentages involves converting a fraction or ratio into a form that represents parts per hundred. This is useful for comparing proportions and understanding financial ratios such as profit margins.

Profit Calculation

Profit is the difference between the selling price and the cost price. This step identifies the net gain earned from a sale and serves as the basis for determining other financial metrics.

Rate of Profit

The rate of profit is the profit expressed as a percentage of a reference value, typically the selling price. This concept helps in assessing the efficiency of the sale in generating profit relative to the revenue received.

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