Question

Nigel bough 12 boxes of melons. He paid $15 for each box. Nigel sold 3/4 of the melons for $1.60 each. He sold all the other melons at a reduced price. He made an overall profit of 15%. Work out how much Nigel sold each reduced price melon for.

A) $1.20 each
B) $1.40 each
C) $1.50 each
D) $1.80 each

Answer 1

To find out the price of the remaining melons, we need to calculate the total cost of all the melons and the total revenue Nigel made from selling 3/4 of the melons. Then, we can use this information to determine the price of the remaining melons.

Step-by-step explanation:

To find out how much Nigel sold each reduced price melon for, we first need to calculate the total cost of all the melons and the total revenue Nigel made from selling 3/4 of the melons. We can then use this information to determine the price of the remaining melons.

Step 1: Calculate the total cost of all the melons.

Total Cost = Number of boxes × Price per box

Total Cost = 12 boxes × $15 = $180

Step 2: Calculate the total revenue from selling 3/4 of the melons.

Total Revenue = Number of melons sold × Price per melon

Total Revenue = 3/4 × Number of melons × $1.60

Step 3: Calculate the overall profit percentage.

Profit Percentage = (Total Revenue - Total Cost) / Total Cost × 100

We know that the overall profit percentage is 15%, so we can set up the equation:

15 = (Total Revenue - $180) / $180 × 100

Solving this equation will give us the total revenue, which we can then use to find the price of the remaining melons.