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A store has $4500 of inventory in 8 10 picture frames and 5 7 picture frames. The profit
Chapter 2, Problem 66(choose chapter or problem)
A store has \(\$ 4500\) of inventory in \(8 \times 10\) picture frames and \(5 \times 7\) picture frames. The profit on an \(8 \times 10\) frame is 25% and the profit on \(5 \times 7\) frame is 22%. The profit on the entire stock is 24%. How much is invested in the \(8 \times 10\) picture frames and how much in the \(5 \times 7\) picture frames?
Questions & Answers
QUESTION:
A store has \(\$ 4500\) of inventory in \(8 \times 10\) picture frames and \(5 \times 7\) picture frames. The profit on an \(8 \times 10\) frame is 25% and the profit on \(5 \times 7\) frame is 22%. The profit on the entire stock is 24%. How much is invested in the \(8 \times 10\) picture frames and how much in the \(5 \times 7\) picture frames?
ANSWER:Step 1 of 3
For the given situation the model for profit can be written as,
Total profit - profit on \(8 \times 10 \text { frames }+ \text { profit on } 5 \times 7 \text { frames } \ldots . . . . E q(1)\)
The total profit on the entire stock is 24%, therefore
\(\begin{aligned}
\text { Totalprofit } & =4500 \times \frac{24}{100} \\
& =1080
\end{aligned}\)