Question

Lucy has a jewelry business. To make a certain necklace, she spends $3.38 on materials and $5.57 on labor. She then sells the necklace for $15.99. Lucy’s profit on the necklace is equal to the sale price minus the cost of materials and labor.

(a) How much profit does Lucy earn when she sells a necklace? What fraction of the sale price of the necklace is profit? Record your answer as a fraction using whole numbers.
(b) What decimal of every dollar of the sale price of the necklace is profit? Show your work. Round your answer to the nearest hundredth.
(c) Lucy collected $223.86 selling necklaces at a craft fair. How many necklaces did Lucy sell? How much profit did she earn? Show your work.

Answer 1

Answer:$7.04

Explanation:

Answer 2

Profit $7.04

Fraction is profit 704/1599

.44 of every dollar is profit

She sold 14 necklaces at a profit of $98.56

Explanation:

Profit = sale price - materials - labor

We know the sales price =15.99

materials = 3.38

labor = 5.57

Profit = 15.99 -3.38 - 5.57

=7.04

Fraction is profit = profit / total

= 7.04/ 15.99

Multiply the top and bottom by 100 to clear the decimals

704/1599

in decimal form .440275172 which round to .44 (to the nearest hundredth)

She made 223.86 selling necklaces

Each necklace cost 15.99

223.86 = 15.99 * number of necklaces

Divide each side by 15.99

223.86 /15.99 = 15.99 * number of necklaces/ 15.99

14 = number of necklaces

The profit on each necklace was 7.04

7.04 * 14 necklaces =98.56