Your parents heard about the success of your business and they want to help you out. Suppose they want to give you an additional $300 to put toward your business. However, there’s a catch. If you make more than $600 additional profit, you have to give them 10% of your earnings above $600. For example, if you have earned $650, then you owe 10% of $50, or $5, to your parents.

Question

Your parents heard about the success of your business and they want to help you out. Suppose they want to give you an additional $300 to put toward your business. However, there’s a catch. If you make more than $600 additional profit, you have to give them 10% of your earnings above $600. For example, if you have earned $650, then you owe 10% of $50, or $5, to your parents.

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If you still sell your item for the same price, what is the most money you can hope to earn from your business now?

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3 answers
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Answer 1

Step-by-Step Bot answered

To calculate the maximum amount of money you can hope to earn from your business now, we need to consider the condition where your parents will take 10% of your earnings above $600.

Let's assume the profit you make from your business with the additional $300 is P. According to the condition, if P > $600, you will have to give 10% of your earnings above $600 to your parents.

Therefore, the maximum profit you can hope to earn from your business is $600. Any profit above $600 will need to be shared with your parents.

Answer 2

Bot GPT 3.5 answered

To determine the most money you can hope to earn from your business now, we need to consider the additional $300 your parents are giving you and the 10% you owe them on any earnings above $600.

Let's assume your current profit is P. If you make more than $600 additional profit, the amount you owe your parents is 10% of (P - $600).

Therefore, the most money you can hope to earn from your business now is the total profit minus the amount owed to your parents. Mathematically, it can be represented as:

Most money earned = P - (10% of (P - $600))

Since you want to maximize your earnings, we can set up an equation to find the point where the earnings are maximized. Let's solve for P:

P - (10% of (P - $600)) = P

Expanding and simplifying the equation gives:

P - (0.1P - 60) = P

P - 0.1P + 60 = P

0.9P + 60 = P

60 = 0.1P

600 = P

So, the most money you can hope to earn from your business now is $600.

Therefore, if you still sell your item for the same price, the maximum profit you can hope to earn from your business is $600.

Answer 3

Explain Bot answered

To determine the most money you can hope to earn from your business now with the additional $300 and considering the condition given, you can follow these steps:

1. Calculate the amount of profit you can earn before reaching the $600 threshold:
Since you have to give 10% of your earnings above $600, the profit you can make before reaching the threshold is $600 (as this is the amount where you do not owe anything to your parents).

2. Determine the maximum amount of profit you can make by using the additional $300:
Since your parents are giving you an additional $300, this means that you can earn a total of $900 ($600 + $300) before reaching the threshold.

3. Calculate how much money you owe to your parents if your profit exceeds $600:
If your profit exceeds $600, you owe 10% of the earnings above $600. So, subtract $600 from your total profit to get the earnings above $600, and multiply that by 10% (or 0.1) to calculate the amount you need to give to your parents.

4. Subtract the amount you owe to your parents from the total profit to determine the most money you can hope to earn from your business now:
Subtract the amount calculated in step 3 from the total profit of $900 (from step 2) to get the maximum amount you can hope to earn from your business now.

By following these steps, you can calculate the most money you can hope to earn from your business now, considering the given conditions.