Question

You have made two of the exact same necklaces that cost you a total of $15 in supplies. You have chosen to mark up the price by 15%. How much will each necklace be sold at and how much will you make in profit for each?

Please show your work!!!!

Answer 1

A) The selling price for each necklaces is $8.625

B) The profit mark in each necklaces is 15%

Explanation:

Given as :

The total cost of two necklaces = c.p = $15

The markup percentage for the necklaces = m = 15%

Let The selling price for both necklaces = s.p

A ) Now, From markup method

m% =
`(s.p - c.p)/(c.p)`

or, 15% =
`(s.p - 15)/(15)`

or, 15% =
`(s.p)/(15)` - 1

or,
`(s.p)/(15)` = 1 + 15%

or,
`(s.p)/(15)` = 1 +
`(15)/(100)`

or,
`(s.p)/(15)` =
`(100 + 15)/(100)`

or,
`(s.p)/(15)` =
`(115)/(100)`

∴ s.p =
`(15* 115)/(100)`

I.e s.p = $17.25

So, selling price of two necklaces = s.p = $17.25

or, selling price of one necklaces = s.p =
`(17.25)/(2)` = $8.625

Hence, The selling price for each necklaces is $8.625

Now, Again

B) ∵ The total cost of two necklaces = c.p = $15

So, The cost price of one necklaces =
`(15)/(2)` = $7.5

∴ profit% for each necklace =
`(s.p - c.p)/(c.p)`

i.e profit% for each necklace =
`(8.625 - 7.5)/(7.5)`

Or, profit% for each necklace =
`(1.125)/(7.5)`

Or, profit% for each necklace = 0.15

So, The profit make in each necklaces = 15%

Hence, The profit mark in each necklaces is 15%

Answer