stuck on daughter's homework

% gain is 15 %

That is exactly how the problem is written ....I have no additional information.
% gain is the profit...written as a percentage of the selling price -cost price.
I need a formula for finding the cost price when % gain and selling price are given.

All I know is:
% gain + C.P. = S.P.
C.P. = S.P. - % gain

In this problem the selling price is $2400
% gain = .04 (4%)
Using my (wrong) formula that means

2400 - .04/100 = C.P.

but that is wrong because i keep getting the wrong answer.
The correct answer is
c.P. = 2500
4% of 2500 is 100
2500 - 100 = 2400 (selling price)

I got the right answer through guessing until I found it.... there is a formula and I dont have the right one.is anyone familiar with this type of problem?
 
Gracias! Thank you Dennis.

I got confused with the next problem and hence the 2400....sorry.

But I get it now. I did not know how to deal with two same variables in one problem. One person told me to multiply the selling price by 1.15 and I thought... where does the 1 come from?

Now I get it...that's how you deal with the two c's.

Thanks a bunch.

Yeah the other problem (2400) is weird because it shows a loss. Maybe the item was "damaged" ? Too much supply?
But the teacher evidently was trying to show an example of a loss. (in profit).

Thanks for your help. From sweltering Belize to frozen Canada.... Gracias.



Denis said:
Where does the $2400 come in? This is your original post:
"a bed sheet was sold for $483 thereby gaining 15%. Find the cost of the bed sheet."

Let cost = c; then:
c + .15c = 483
1.15c = 483
c = 483 / 1.15 = 420

S'that nuff :confused:

Have another look at your $2400 saga:
if you paid $2500 for an item, would you sell it for $2400 :razz:
Click to expand...
 
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