Question

Mia buys 50 coats at $28 each she sells 38 of these coats at$49 each she sells the rest of the coats at$40 each find the overall percentage profit mia has made on these coats

Answer 1

67.28 %

Explanation:

Given that:

Price at which the coats are bought = $28

Number of coats bought = 50

Total money spent on buying the coats = 50
`*` 28 = $1400

Number of coats sold at $49 each = 38

Money earned by selling 38 coats at $49 each = $1862

Number of coats left = 50 - 38 = 12

Money earned by selling 12 coats at $40 each = $480

Total money earned = $1862 + $480 = $2342

To find:

The overall profit percentage made by Mia ?

Solution:

Formula for Profit percentage:

`Profit\% = (Sales\ Price - Cost\ Price)/(Cost\ Price)* 100\\\Rightarrow Profit\% = (2342 - 1400)/(1400)* 100\\\Rightarrow Profit\%=(942)/(1400)* 100\\\Rightarrow Profit\%=67.28\%`

Therefore, overall percentage profit made by Mia by selling the coats= 67.28 %