At Harry's Discount Hardware everything is sold for 20% less than the price marked. If Harry buys tool kits for $80, what price should he mark them if he wants to make a 20% profit on his cost?
Ok, another solution for this problem:
20% of $80=16
so, the selling price=80+16=$96
Let, by the mark price of 20% profit=x
so, x-(20% of x)=96
or, x-x/5=96
or, x= (96*5)/4
or, x=$120 (Ans)
the selling price is 80% of the marked price (m.p.)
moving on to the latter part of the question which states that 20% on $80 tools is Harry's profit. Making a profit of $16.So the selling price results to $96. Therefore,80% of m.p.=96.00 Solving this equation gives you m.p.=$120, which is your final answer
You can percent concept only if
80 on increase 20percent is 96.
120 on decrease 20percent is 96
Well, Harry's Discount Hardware certainly lives up to its name! It's a great place for all your discounted tool needs. Now, to help Harry make a 20% profit, we need to figure out the cost price of the tool kits.
If everything is sold for 20% less than the price marked, then the cost price of the tool kits will be 20% higher than what Harry paid for them. So, let's calculate that.
If Harry bought the tool kits for $80, we can find out the cost price by dividing $80 by 0.8 (since 100% - 20% = 80%). If you don't mind me doing a little math, $80 divided by 0.8 equals $100.
Now, Harry wants to make a 20% profit on his cost. So, let's add 20% of $100 (which is $20) to the cost price. Harry should mark the tool kits for $100 + $20, which equals $120.
If Harry marks the tool kits at $120, after the 20% discount, customers will be able to buy them for $120 - 20% ($120 * 0.2), which comes to $96.
So, to make a 20% profit on his cost of $80, Harry should mark the tool kits at $120. Happy tool shopping at Harry's Discount Hardware!
To solve this problem, we need to determine the price Harry should mark the tool kits in order to make a 20% profit on his cost.
First, let's find out the cost price for Harry. We know that everything at Harry's Discount Hardware is sold for 20% less than the marked price. Since Harry buys the tool kits for $80, we can calculate the marked price by adding the discount.
Discounted price = Marked price - Discount amount
Since the discounted price is 20% less than the marked price, we can write this as:
Discounted price = Marked price - 0.20 * Marked price
Simplifying this equation, we have:
Discounted price = Marked price * (1 - 0.20)
Discounted price = Marked price * 0.80
Given that the discounted price is equal to $80, we can set up the equation:
$80 = Marked price * 0.80
Now, let's solve for the marked price:
Marked price = $80 / 0.80
Calculating this, we find:
Marked price = $100
So, if Harry wants to make a 20% profit on his cost of $80, he should mark the tool kits for $100.
0.8x = 80
x = 80/0.8
x = 100 >> selling price
0.8x = 100
x = 100/0.8
x = 125 >> marked price