Question

You have made two of the exact same necklaces that cost you a total of $15 in supplies. You have chosen to mark up the price by 15%. How much will each necklace be sold at and how much will you make in profit for each?
Please show your work!!!!

Answer 1

Answer:

A) The selling price for each necklaces is $8.625

B) The profit mark in each necklaces is 15%

Step-by-step explanation:

Given as :

The total cost of two necklaces = c.p = $15

The markup percentage for the necklaces = m = 15%

Let The selling price for both necklaces = s.p

A ) Now, From markup method

m% = $\dfrac{s.p - c.p}{c.p}$

or, 15% =  $\dfrac{s.p - 15}{15}$

or, 15% =  $\dfrac{s.p}{15}$ - 1

or, $\dfrac{s.p}{15}$ = 1 + 15%

or, $\dfrac{s.p}{15}$ = 1 +  $\dfrac{15}{100}$

or, $\dfrac{s.p}{15}$ =  $\dfrac{100 + 15}{100}$

or,  $\dfrac{s.p}{15}$ =  $\dfrac{115}{100}$

∴ s.p = $\frac{15\times 115}{100}$

I.e s.p = $17.25

So, selling price of two necklaces = s.p = $17.25

or, selling price of one necklaces = s.p = $\dfrac{17.25}{2}$ = $8.625

Hence, The selling price for each necklaces is $8.625

Now, Again

B) ∵ The total cost of two necklaces = c.p = $15

So, The cost price of one necklaces = $\dfrac{15}{2}$ = $7.5

∴ profit% for each necklace =  $\dfrac{s.p - c.p}{c.p}$

i.e profit% for each necklace =  $\dfrac{8.625 - 7.5}{7.5}$

Or, profit% for each necklace =  $\dfrac{1.125}{7.5}$

Or, profit% for each necklace = 0.15

So, The profit make in each necklaces = 15%

Hence, The profit mark in each necklaces is 15%

Answer