A population of values has a normal distribution with μ = 21.9 μ = 21.9 and σ = 47.4 σ = 47.4 . You intend to draw a random samp
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Answer:
Explanation:
If John needs to ensure a 40% profit, John needs to sell the pines at a price that would give 40% more money back than he spent.
Since John needs to make back all of the money he spent, plus another 40%, John needs to get back 140% of what he spent.
John spent $3500.
140% of $3500 is $4900.
So, John must bring in $4900 (revenue) selling all 15 pines to achieve a 40% profit.
However, the question asks for the price of a single pine. To find the unit price of a single pine, divide the total revenue by 15.