Question

A market buys mixed nuts at $12.50 per pound. They want to make a 22% profit. What should they charge for the retail price

Answer 1

The correct answer is $ 2.75

Answer 2

Answer: They should charge $15.25 for the retail price.

Explanation:

Hi to answer this question, first we have to multiply the price paid per pound ($12.50) by the profit they want make (22%).

Mathematically speaking:

$12.50 x 0.22 = $2.75

(0.22 is the decimal for of 22%. is obtained by dividing the percentage by 100. ⇒ 22/100 = 0.22)

Now, we have the profit. To obtain the retail price we have to sum the profit and the original price:

$12.50 + $2.75 = $15.25

They should charge $15.25 for the retail price.