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YellowJacket
Caribou gorn
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cost = 1X
markup = 120% = 1.2x
retail = cost+markup = 1x+1.2x = 2.2x
sale price = (2.2x)*.8
clearance = (2.2x*.8)*.7
out the door = ((2.2x*.8)*.7)*.9 = 1.1088X =
10.88%

fun problem


I'm gonna vote for the funniest frog with the loudest croak on the highest log.
 
Posts: 10653 | Location: Marietta, GA | Registered: February 10, 2009Reply With QuoteReport This Post
Rey HRH
His Royal Hiney
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quote:
Originally posted by 4x5:
My daughter was given this problem in her homework, and we're having a hard time figuring it out. Hopefully, someone here can help.

A shoe store marks up the price of it's shoes 120% over cost. A pair of shoes goes on sale for 20% off, and then goes on the clearance rack for an additional 30% off. A customer walks in with a 10% off coupon good on all clearance items, and buys the shoes. Express the store's profit on these shoes as a percentage of the original cost.



The bolded part is where most people get messed up.

Price = Mark up + Cost = (120% * Cost) + (100% * Cost) = 220% * Cost

To figure the price paid after all the discounts:

Actual Sale Price = Cost * 2.20 * 0.80 * 0.70 * 0.90 = 1.1088 * Cost

Profit = Actual Sale Price - Cost = (1.1088 * Cost) - Cost = (1.1088 - 1) * Cost = 0.1088 * Cost = 10.88% * Cost.


"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.
 
Posts: 20269 | Location: The Free State of Arizona - Ditat Deus | Registered: March 24, 2011Reply With QuoteReport This Post
SR
Member
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WOW, an October 2017 thread pops to the top.... How did that happen?



Speak softly and carry a big stick loaded Sig
 
Posts: 4892 | Location: Raleigh, North Carolina | Registered: September 27, 2004Reply With QuoteReport This Post
V-Tail
אַרְיֵה
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42


הרחפת שלי מלאה בצלופחים
 
Posts: 31715 | Location: Central Florida, Orlando area | Registered: January 03, 2010Reply With QuoteReport This Post
BigWhup
Paddle your
own canoe
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60% profit
 
Posts: 1577 | Location: South Carolina | Registered: August 06, 2009Reply With QuoteReport This Post
ggile
I can't tell if I'm
tired, or just lazy
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quote:
Originally posted by BigWhup:
60% profit



That's what I came up with....60.48 to be exact.


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Posts: 2116 | Location: South Dakota-pheasant country | Registered: June 20, 2005Reply With QuoteReport This Post
flashguy
Muzzle flash
aficionado
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Please show your computations to get that figure. Competent math has been given to show the Profit was 10.88% (based on one interpretation of the problem--the other interpretation gave a loss).

flashguy



Texan by choice, not accident of birth
 
Posts: 27911 | Location: Dallas, TX | Registered: May 08, 2006Reply With QuoteReport This Post
sigmonkey
A Grateful American
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posted Hide Post
quote:
Originally posted by SR:
WOW, an October 2017 thread pops to the top.... How did that happen?


Inflation...



"the meaning of life, is to give life meaning" ✡ Ani Yehudi אני יהודי Le'olam lo shuv לעולם לא שוב!
 
Posts: 44723 | Location: ...... I am thrice divorced, and I live in a van DOWN BY THE RIVER!!! (in Arkansas) | Registered: December 20, 2008Reply With QuoteReport This Post
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