Question

1. The gross profit on a music system is 15% of the retail price. What is retail price if the profit is $140.00?

2. Griffin Inc. employs 120 sales representatives. If 87 of the reps reached the sales quota last year, what percent of the sales reps reached the goal?

3. The 10^th edition of a text cost $154.75 which is a 15% increase over the 9^th edition of the text. How much did the 9^th edition cost?

Answer 1

(1)

Let the retail price is $x.

Then according to the given data, we have,

x * (15/100) = 140

i.e. x = 140 * (100/15)

i.e. x ≈ 933.33 (rounded to two decimals)

So the retail price is approximately $933.33​​​​​​

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(2)

Let x% of the sales reps reached the goal.

Then according to the given data, we have,

120 * (x/100) = 87

i.e. x = 87 * (100/120)

i.e. x = 72.5

So 72.5% of the sales reps reached the goal.

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(3)

Let the cost of the 9th edition was $x

Then according to the given data, we have,

x + (x * 15/100) = 154.75

i.e. 115x/100 = 154.75

i.e. x = 154.75 * (100/115)

i.e. x ≈ 134.57

So the cost of the 9th edition was approximately $134.57