Question

Anne buys her store's art supplies from a wholesaler. She purchases 8 canvases that are 16 by 20 inches for $7. 16 each. How much profit does anne make on the sale of these 8 canvases?.

Answer 1

Step-by-step explanation:

First, let's calculate the total cost of the canvases:

$7.16 per canvas * 8 canvases = $57.28

Next, let's calculate the total revenue from selling the canvases. Since we don't have information about the selling price, we'll assume that Anne marks up the cost by a certain percentage to get the selling price:

8 canvases * $7.16 per canvas = $57.28 (cost)

Let's say Anne marks up the cost by 25%:

$57.28 cost + (0.25 * $57.28 cost) = $71.60 selling price per canvas

$71.60 selling price per canvas * 8 canvases = $572.80 total revenue

Finally, let's calculate the profit:

Profit = Total Revenue - Total Cost

Profit = $572.80 - $57.28

Profit = $515.52

Therefore, Anne makes a profit of $515.52 on the sale of these 8 canvases.