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Question

James McDonnell purchases $800$ pounds of potatoes at a cost of $\$0.18$ per pound. If he anticipates a spoilage rate of $20\%$ of the potatoes and wishes to make a profit of $140\%$ of the cost, for how much must he sell the potatoes per pound?

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 6In this problem, we want to know the selling price per pound with the desired markup cost. Recall that we can get the Total Cost as:

$\begin{aligned} \text{Total Cost}&=\text{Cost per Pound }\cdot\text{ No of Pound}\\ &=\frac{\$0.18}{\text{pounds}}\cdot800\text{ pounds}\\ &=\$144 \end{aligned}$

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