Question

A store charges $280 for coat. This price is 40 percent more than the amount it cost the store to buy. At the end-of-season sale, store employees may purchase any remaining coats at 30 percent off the store’s cost. How much would it cost an employee to purchase the coat at the sale?

Answer 1

Find the selling price in percentage:

Profit = 40%

Selling Price = 100 + 40 = 140%

Find the cost price:

selling price = 140%

selling price = $280

140% = 280

1% = 280 ÷ 140 = Rs 2

100% = 2 x 100 = Rs 200

Find the price that the staff can purchase at:

Discount = 30% x Rs 200

Discount = 0.3 x 200 = Rs 60

Price after discount = 200 - 60 = Rs 140

Answer: The employee can purchase the coat at Rs 140