Question

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

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

Homework Answers

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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.

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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

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