Question

Cashews cost $2.36 per pound, almonds cost $1.48 per pound and peanuts cost

$0.98 per pound. To make a 20% profit, how much should Myrna charge per pound
for a mixture that is 1 part cashews, 1 part almonds and 2 parts peanuts? PLEASE HELP I AM SO CONFUSED!!!

Answer 1

$1.74

Explanation:

Ok, let's take this one step at a time. What do we know?

$2.36/lb = Cashews, $1.48/lb = Almonds, $.98/lb = Peanuts.

What are we trying to find? How much money should Myrna charge per pound for a mixture that is 1 part cashew, 1 part almond, 2 parts peanuts IF SHE WANTS TO MAKE 20% PROFIT.

So if we want to figure out how she can make 20% profit, we need to find how much money the mixture would cost to make (per pound):

1 part (cashew) + 1 part (almond) + 2 part (peanut) = 4 parts -->

cashew = 1 part/ 4 parts = 1/4 of a lb; almond = 1 part/ 5 parts = 1/4 of a lb; peanut = 2 parts/ 4 parts = 1/2 of a lb

We just multiply the fraction of a pound (that each nut makes up) by the cost of each nut (per pound):

1/4 * $2.36 = $.59 (Cashews)

1/4 * $1.48 = $.37 (Almonds)

1/2 * $.98 = $.49 (Peanuts)

$.59 + $.37 + $.49 = $1.45

But we are NOT done...

We have to multiply by 1.20 (to find out how much money is needed to make a 20% profit) and we get:

1.2 * $1.45 = $1.74