Profit and Loss

Profit and Loss
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  • Bill walks past a little newspaper shop and is confused when he sees that the newspaper's selling price is $5.40 when he just saw it at a supermarket for $3.00. He asks the owner if this store why this is the case.
  • Excuse me sir, my name is bill. Can you explain why the newspapers here are more expensive then the newspapers at the supermarket.
  • Well, that's because us retailers need to make a profit. Which is where the selling price is greater then the cost price.
  • Isn't a selling price and cost price the same thing?
  • No they are completely different. The cost price is how much retailers pay to get goods and selling price is how much retailers sell them to you for.
  • OH! But what if the selling price isn't greater then the cost price.
  • Then that my friend is a loss. Here, if I as a retailer bought this for $4.50, how would I make a 20% profit.
  • Well, first you would have to find 20% of the original amount so you would multiply 4.50 by 20 over 100 which equals 0.90.  Know add 0.90 to the original amount.
  • I don't know
  • Exactly. 
  • Now everything makes sense. 
  • Which is 5.40
  • Your welcome. Do you want a newspaper?
  • Sure.
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