if i was to sell one of these souvenirs to a friend, at a small profit (of just 15 %.) Later, this cash-strapped friend sells this same souvenir in Toowoomba for AU$300, after they adding on a whopping 60% profit and a further AU$25 to cover petrol for the Brisbane - Toowoomba trip. What did the souvenir originally cost you in the new zealand currency? pls show me the working out i dont understand this question
Let the original cost of the souvenir =S
You sold it at a profit of 15% =1.15S
Then it was resold at 60% profit + $25 for expenses. So, you have:
(1.15S)*1.60 + $25 =$300, solve for S
1.84S + $25 =$300 Subtract $25 from both sides:
1.84S =$300 - $25
1.84S =$275 Divide both sides by 1.84
S= $275/1.84 =$149.45 - The original cost of the souvenir.
