paranorman: Out of the total money on her, Kelly took 20% off with her and left over the rest at home on her way to the market. On getting to the market, she saw a radio she liked but found out its price (initial) on its manufacturer's list was 25% higher than what she took to the market. So she thought she could work something out with the seller but was disappointed when told the list got old, prices were adjusted due to inflation and the radio could only be sold at a price which was 50% of her left-over at home; this price was a mark-up of 14 whole and 2/7 % on the original price the seller should have sold it and make a decent profit.

The difference between the original price and initial price is what percent of total money Kelly had?

What percent of the profit is the mark-up price?

adextetoo: Sits and watching for somebody to finish so that I can dub/copy

McWhillion: Q1
Q2- The question says what % of the profit is the markup price?

There is a difference btw "markup" and "markup price".
*markup--- is the 14 whole 2/7% increase of the original price.
*markup price---- is the original price + markup.

According to the info you already provided,
Markup price= 2t.
Profit =3/4t.

Ans= 2/(3/4) in %.
=2.667 *100
=266.7%approx.
* By the way, you're very good, your method is simple and straightforward.

CarlOzeki: The easiest and quickest way to solve the question is to pick a number

Assume Kelly had #100.
She leaves home with 20% of that (#20) and leaves #80 at home.

The manufacturers list price is 25% higher than her #20. This is 125% or 1.25 x 20 which is #25 (Manufacturer List price)

The inflation adjusted price is 50% of what she left at home. This is 50% or 0.5 x 80 which is #40 (Inflation adjusted price)

The inflation adjusted price represents a 14 2/7% mark up on the original price. 14 2/7 is 100/7%. Since it's a markup, the inflation price is (100 + {100/7})% of the original price. This is 800/7%. Changing that to fraction is 8/7. Hence, 8/7 x original price = Inflation adjusted price = #40.
Original price = 40 x 7/8 = #35

We have all the prices now.

1. Difference between original price and initial/manufacturer price = 35 - 25 = 10
10/100 = 0.1
The answer to the first question is 10% if considering her total #100 or 12.5% if considering only the money she left at home.

2. This question makes no sense because the item has not actually been sold so there can't be any profit.
If you assume the profit from selling at the markup price of #40 and also assuming that the cost price is the manufacturer list price of #25, then the profit is #15. Hence the markup price percentage of the profit is 40/15 = 266.7%

Tinkybabe:

.......

Olutola88: Let me be frank with you, this is not how to set questions. The composition of your question lacks clarity.

If one calculates with a particular understanding, he'll get 15%, anoda understanding can make one arrive @ 12.5% for the 1st question but you muddled everything up by saying INITIAL PRICE, ORIGINAL PRICE & PRICE TO HAVE MADE DECENT PROFIT.

The truth is that; the question is very very simple but you introduced ambiguity. This is not word problem sir, YOU ARE THE PROBLEM!

wallex1983:

Didn't even know someone posted this. But exactly what I did. 1st part iڪ too simple. 15%. I guess even the second part iڪ also simple only if you make your question clearer. Either you or I must be missing out something in it @op

UchihaMadara:

The wording is throwing me off, don't initial and original mean the same thing?

Also, I don't believe the question is correct: For example, say she has 100 naira, and only took 20%, that means she took 20naira to the market and left 80 naira at home.

Now the radio was 25% higher than her 20naira, wich means radio was 25/100 * 20naira + 20naira = 25naira.

If the radio could only be sold for 50% of her money left at home(80 naira), then radio now cost 40 naira.

However 40 naira doesn't represent a 14 2/7% increase from 25 naira, hence I believe the problem might be wrong.

kobonaire: Let's say Kelly initially had x Naira. So if she too 20% then
Money taken to market : 0.2x
Money left at home : 0.8x

Radio initial listing price was 25% higher than what she took to the market which means
1.25 * 0.2x= 0.25x

Seller adjusted price was 50% of what she had left at home => 0.5*0.8x= 0.4x
And this price is a 14 2/7% markup of what it actually should have listed for => 1.1427 of what it should have listed for. (The question becomes ambiguous here IMHO).

Anyway if the original price is y then the mark up price is 1.1427y and since it is equal to 50% of what she left at home=>
1.1427y=0.4x

The difference between the original price and initial price is what percent of total money Kelly had?
Original price = 0.4x , initial price = 0.25x => difference - (0.4-0.25)x = 0.15x and as a percentage of what Kelly had = 0.15x/x = 0.15 (15%)

What percent of the profit is the mark-up price? Isn't this simply the mark up? I don't get the question, please clarify @paranorman

paranorman: Out of the total money on her, Kelly took 20% off with her and left over the rest at home on her way to the market. On getting to the market, she saw a radio she liked but found out its price (initial) on its manufacturer's list was 25% higher than what she took to the market. So she thought she could work something out with the seller but was disappointed when told the list got old, prices were adjusted due to inflation and the radio could only be sold at a price which was 50% of her left-over at home; this price was a mark-up of 14 whole and 2/7 % on the original price the seller should have sold it and make a decent profit.

The difference between the original price and initial price is what percent of total money Kelly had?

What percent of the profit is the mark-up price?

paranorman:

this is the answer!!! You just won urself 'diamonized' gold! I just kept laughin when some people quotin me sayin the question is ambiguous... Hehehe. For the first, the question is clear. Its 12.5; a percentage of the total.(the question reads "out of the TOTAL MONEY on her)
And for the second question, INSUFFICIENT DATA.

Glad there are people like you! This question is as simple as ABC. Grammer and story killed most of'em!

Onlinebizexpert: Bros you see any isaac newton for nairaland?

Tinkybabe:

Thanks for the compliment

But I quite disagree with your no 2, no doubt the Op is the cause of this problem because of the great ambiguity of the question

Anyway, here go..I disagree both grammatically and logically

1) For clarity sake- let's use "increase" instead of markup.
If he meant the final price , it would have been phrased as marked up price ie increased price not increase price /price increase.

Price increase refers to the amount of money added to the original to arrive at the final price.

2) If we are to go with your claim, expressing the final price as a percentage of profit made defies business reasoning .

This is because your profit is the difference between the cost and selling price and making the mark up price your final price to get percentage profit means the total selling price is a profit and we know this isn't true.

paranorman: Out of the total money on her, Kelly took 20% off with her and left over the rest at home on her way to the market. On getting to the market, she saw a radio she liked but found out its price (initial) on its manufacturer's list was 25% higher than what she took to the market. So she thought she could work something out with the seller but was disappointed when told the list got old, prices were adjusted due to inflation and the radio could only be sold at a price which was 50% of her left-over at home; this price was a mark-up of 14 whole and 2/7 % on the original price the seller should have sold it and make a decent profit.

The difference between the original price and initial price is what percent of total money Kelly had?

What percent of the profit is the mark-up price?

paranorman:
hehehe.. Dem dey na.. Dem just dey run from this question. Som people no wan stress their brains.. Hehehe.. Like i said, its not for the weak minded

Tinkybabe: Let's assume she left home with t(20% of total money)
She left at home 4t (80% of total money )
and In total had 5t

Initial price of radio= (0.25t + t)= 1.25t= 5/4t
Final price = 50%(4t) = 2t
Original (should have been) price = y =7/4t


2t= y+(100/7%)y
2t= y+1/7y= 8/7y

Hence y = 2t(7/8 )= 7/4t

Now we have a uniform variable

1) difference btw original and initial price as a percentage of total money

Ie (7/4 -5/4 )t = 1/2t or 0.5t

% of total money = (0.5/5)100= 10%



2) what percent of the profit is the mark up price?

Total profit made = final price -initial price
ie. 2t - 5/4t = 3/4t

Mark up price = (100/7)% of y = (1/7)7/4t = 1/4t

(Recall y = 7/4t from above)

Percentage profit in mark up price =
(1/4 divided by 3/4)100
(0.25/0.75)100

= 33.33%**

PS-
Op..the second question is ambiguous- do you mean profit made from original price or final price?
I assumed profit from final price though.

McWhillion:

Like you said, the question might be in the wrong and the solution i provided defies logical reasoning but then there is nothing like "marked" up price, what i know is "markup" price. Pay attention to how its written "markup" not "mark up", its a word on its own derived from two other words. So in a way it does not concur to the same rule behind "increase" and "increased".
I believe if it is to be written in its past tense it would be "markuped" and you would agree that there is no word like this.

Again, your solution is only logical but not factual according to the question(if we agree to stay true to its content).

You're logically right but factually wrong.

ayukdaboss:

Stop embarrassing yourself everywhere

McWhillion:

adanny01:
.

Thanks guys! Get it now