Question

A craft club makes 95 identical paperweights to sell. they collect $230.85 from selling all the paperweights. If the profit the club collects on each paperweight is two times as much as the cost to make each one, what does it cost the club to make each paperweight?

Answer 1

Answer: $0.81 or 81 cents

Step-by-step explanation:-

Given: The total amount club gets by selling 95 identical paperweights =$230.85

Therefore, the selling price of each paper weight=
`(230.85)/(95)=\$2.43`

Let x be the cost price of each paper weight.

Since, the profit collected by the club on each paperweight is two times as much as the cost to make each one.

And we know that selling price = cost price + profit

`\\\Rightarrow2.43=x+2x\\\Rightarrow2.49=3x\\\Rightarrow\ x=(2.43)/(3)\\\Rightarrow\ x=0.81`

Thus, the cost price of each paperweight = $0.81 or 81 cents

Answer 2

$0.81

Explanation:

Let the cost to make a paperweight = x ( in dollars ).

Thus, the cost to make 95 paperweights will be 95x ( in dollars ).

It is given that the total selling price of the paperweights is $230.85.

As, the profit is two times the cost to make a paperweight.

We get the relation as, Profit = Cost + Selling Price

`(230.85 )/(95) = x + 2x`

i.e.
`(230.85)/(95) = 3x`

i.e.
`3x=2.43`

i.e.
`x=(2.43)/(3)`

i.e. x = 0.81

Hence, the cost to make one paperweight is $0.81.