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| Math Central | Quandaries & Queries |
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Question from Sida: A car dealer bought a car for £7500 and sold it for 30% profit. For how much did he sell the car? |
Hi Sida,
The dealer bought the car for £7500, added a markup sat $m$ pounds to obtain a selling price of $s$ pounds. Thus
\[7500 + m = s.\]
Since his cost was 7500 pounds his profit was $m$ pounds. By saying his profit was 30% you are saying the $m$ pounds is 30% of the selling price. Hence
\[m = 0.30 \times(7500 + m).\]
Solve for $m$ and then $s.$ Make sure that you verify your answer,
Penny
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