Question

7. An antique dealer has a fund of $1,160 for investments. She spends 50%of the fund on a 1911 rocking chair. She then sells the chair for $710, all ofwhich she returns to the fund.a) What was the percent gain on the investment?b) What percent of the original value of the fund is the new value of the fund?

Answer 1

Given:

Total amount dealer has is $1160.

Spend 50% of the fund to buy a 1911 rocking chair and sells it for $710.

`Fund\text{ she spends on chair=}1160*(50)/(100)`
`Fund\text{ she spends on chair= \$580}`

a)

`\text{Fund gain on selling the chair= 710-580}`
`\text{Fund gain on selling the chair= \$}130`
`\text{Percent gain on the investment=}(130)/(580)*100`
`\text{Percent gain on the investment=}22.41\text{ \%}`

b)

`\text{New value of the fund=1160+130}`
`\text{New value of the fund= \$}1290`
`\text{Percentage of original to the new value = }(1290)/(1160)*100`
`\text{Percentage of original to the new value =111.21 \%}`

111.21% of the original value of the fund is the new value of the fund.