James McDonnell purchases 800800 pounds of potatoes at a cost of $0.18\$0.18 per pound. If he anticipates a spoilage rate of 20%20\% of the potatoes and wishes to make a profit of 140%140\% of the cost, for how much must he sell the potatoes per pound?


Answered 1 year ago
Answered 1 year ago
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In 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:

Total Cost=Cost per Pound  No of Pound=$0.18pounds800 pounds=$144\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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