Profit Items
A florist buys roses at $3.00 apiece and sells them for $16.00 apiece. If there are no other expenses, how many roses must be sold in order to make a profit of $247.00?Answer
For problems like this, we first need to determine a profit margin per rose (m) denoted below:
m = S - C where S = Sale Price and C = Cost
Plugging in our numbers and solving for m, we get:
m = $16.00 - $3.00m = $13.00
Therefore, our profit margin on each rose is $13.00, and our profit target is $247.00
We need to determine the number of roses we need to sell (n), so we setup an equation
13 x n = 247
Divide each side of the equation by 13 to isolate n
| 13 x n | |
| 13 |
| = |
| 247 |
| 13 |
Cancel 13 from both sides
| n = | 247 |
| 13 |
n = 19
