QUESTION: Mr Bowman sold a carriage for $240, and thereby cleared 1/8 of this amount; what per cent would he have gained if he had sold it for $280?
TEXTBOOK ANSWER: Mr Bowman cleared 1/8 of $240, or $30, and the carriage cost $240 - $30, or $210. If he had sold the carriage at $280, he would have gained $70 on £210 which are ¼ of the cost, or 25%.
Now I think this is wrong. I think the correct answer is 1/3 or $33 1/3 %. Although $70 is 25% of $280, that was not the original price. The original price was $210 so the gain was $70 on $210 which would be 1/3 or 33 1/3 %.
So have I caught the book out here? Who is right, me or the book?
Many thanks.
2006-09-03
00:34:52
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5 answers
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asked by
paulmurphy42
1
in
Mathematics