How many apples at N80.25 each can you buy for N1605? Supposing you sell them at №95.50 each, what will be your profit?
Answer (1)
To solve this problem, we need to determine how many apples can be bought with ₦1605, when each apple costs ₦80.25. Then, we will calculate the profit if each apple is sold for ₦95.50.
Step 1: Calculate the number of apples that can be bought.
The total amount of money available is ₦1605, and the cost per apple is ₦80.25. To find the number of apples, we divide the total money by the cost per apple:
Number of apples = 80.25 1605 ≈ 19.995
Since you can't buy a fraction of an apple with this transaction setup, we round down to 19 apples.
Step 2: Determine the profit from selling the apples.
If you sell each apple for ₦95.50, the total revenue from selling 19 apples would be:
Total revenue = 19 × 95.50 = ₦1814.50
Step 3: Calculate the total cost of buying 19 apples.
Total cost = 19 × 80.25 = ₦1524.75
Step 4: Calculate the profit by subtracting the total cost from the total revenue:
Profit = Total revenue − Total cost = 1814.50 − 1524.75 = ₦289.75
So, you can buy 19 apples, and your profit from selling them at ₦95.50 each will be ₦289.75.
