Question

Michael bought a hat and a coat

The hat costs £10
He sold both items for a total of £90
Michael made 200% profit on the hat and 80% profit on the total cost.
work out the percentage profit on the cost of the coat​

Answer 1

Percentage profit on the cost of the coat is 50 %

Explanation:

Cost of hat = £10

Michael made 200% profit on the hat.

`\texttt{Selling price of hat = }10+(200)/(100)* 10=30`

He sold both items for a total of £90.

Selling price of coat = 90 - 30 = £60

He made 80% profit on the total cost. Let C be the cost for coat and hat.

That is

`C+(80)/(100)* C=90\\\\1.8C=90\\\\C=50`

Cost for coat = 50 - 10 = £40

`\texttt{Percentage profit on the cost of the coat = }(60-40)/(40)* 100\\\\\texttt{Percentage profit on the cost of the coat = }50\%`

Percentage profit on the cost of the coat is 50 %