Question

Rebecca purchased 3 equally-priced books for 480 dollars and sold two of them at 400 dollars.
Find the value of the profit or loss incurred on each of the books.

• A. A profit of 30 dollars
• B. A loss of 50 dollars
• C. A loss of 60 dollars
• D. A profit of 40 dollars

Answer 1

The correct option is D A profit of 40 dollars

Cost price of 3 books = 480 dollars
Cost price of 1 book = $480÷3$ = 160 dollars

Selling price of 2 books = 400 dollars
Selling price of 1 book = $400÷2$ = 200 dollars

Since selling price > cost price, she has made a profit.

Profit on each book
= Selling price – Cost price
= 200 – 160
Therefore, profit = 40 dollars