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Description:
Number Sense: Drill Set 3, Problem 5. How much in total sales would Bert need to earn a 12% profit?
Transcript
- 00:03
Here's a shmoopy question for you...
- 00:05
Bert is the owner of an inconvenience store called One-Three.
- 00:10
It's just like a convenience store, only the shelves are too high for anyone to reach...
- 00:14
...and they're only open for three hours, one day a week.
- 00:17
Bert stocks his shelves with items bought at wholesale prices,
Full Transcript
- 00:21
and then charges his... very few customers... a premium above wholesale to turn a big, fat profit.
- 00:27
If Bert purchased $15,000 in merchandise at wholesale prices,
- 00:32
how much would he need to make in total sales to earn a 12% profit?
- 00:37
Here are the potential answers...
- 00:42
OK, what are we being asked here?
- 00:45
This is a little tricky... we don't just multiply 15,000 by 0.12 and be done with it.
- 00:50
Rather, we want to know his take OVER AND ABOVE the cost of the merchandise,
- 00:54
so we multiply 15,000 by 1.12 to get 16,800.
- 01:02
If the owner sells his $15,000 in merchandise for $16,800, he has made a 12% profit.
- 01:10
There you go.
- 01:10
So our answer is B. Case closed. Just like Bert's store.
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