Solve the following problems: 

Katrina has a wheat business. She purchases wheat from a local wholesaler at particular cost per pound. The price of the wheat at her stores is $3 per pound. Her faulty spring balance reads: 0.9 pounds for a pound. Also, in the festival season, she gives a 10% discount on the wheat. She found that the made neither a profit nor a loss in the festival season. At what price did Katrina purchase the wheat from the wholesaler?

(profit and loss)

Created: 1 year ago | Updated: 1 year ago
Updated: 1 year ago

She made neither profit nor loss.  So we have to find the actual selling price and we will get the cost price.  Selling price = 3  Then there are 2 discounts: 10% and the discount due to the faulty balance.  She gives away 1 pound though she charges only for 0.9 pounds because the balance shows o 0.9.  Hence, this is another 10% discount.

So cost price = 3×910×910=2.43

1 year ago

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