Question

Harold, a marina manager, purchased two boats. He then sold the boats, the first

Answer 1

Harold paid $ 16,632 and $ 38,808 for each of the boats.

Since Harold, a marina manager, purchased two boats, and he then sold the boats, the first at a profit of 40% and the second at a profit of 60%, and the total profit on the sale of the two boats was 54 % and $ 88 704 was the total selling price of the two boat, to determine what did Harold originally pay for each of the two boats the following calculation must be performed:

• 55 x 0.6 + 45 x 0.4 = 51
• 65 x 0.6 + 35 x 0.4 = 53
• 70 x 0.6 + 35 x 0.4 = 54

• 88,704 x 0.7 = 62,092.80
• 160 = 62,092.80
• 100 = X
• 100 x 62,092.80 / 160 = X
• 38.808 = X

• 88,704 x 0.3 = 26,611.20
• 140 = 26,611.20
• 100 = X
• 100 x 26,611.20 / 160 = X
• 16,632 = X

Therefore, Harold paid $ 16,632 and $ 38,808 for each of the boats.

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