/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Problem 71 In January, each of 60 people pu... [FREE SOLUTION] | 91Ó°ÊÓ

91Ó°ÊÓ

In January, each of 60 people purchased a \(\$ 500\) washing machine. In February, \(10 \%\) fewer customers purchased the same washing machine that had increased in price by \(20 \%\). What was the change in sales from January to February?

Short Answer

Expert verified
The change in sales from January to February was a \$2400 increase.

Step by step solution

01

January's Total Sales

First, calculate the total sales in January by multiplying the number of washing machines sold (\(60\)) by the price of each washing machine (\(\$500\)). This should give you \(60 * \$500 = \$30000\).
02

February's Sales Volume

Next, calculate how many washing machines were sold in February. Since sales dropped by \(10 \%\) in February, \(90 \%\) of the volume from January were sold. So calculate \(90 \%\) of 60, which gives you \(54\) washing machines.
03

February's Price

In February, the price of the washing machine increased by \(20 \%\). Consequently, the new price is \(120 \%\) of the earlier price, which would be \(120 \% * \$500 = \$600\).
04

February's Total Sales

Calculate the total sales in February by multiplying the number of units sold (\(54\)) by the new price (\(\$600\)). This gives you \(54 * \$600 = \$32400\).
05

Sales Change

Finally, calculate the change in total sales from January to February. Subtract January's total sales from February's total sales, that is \(\$32400 - \$30000 = \$2400\). This means the sales increased by \$2400 from January to February.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91Ó°ÊÓ!

Key Concepts

These are the key concepts you need to understand to accurately answer the question.

Mathematical Reasoning
Understanding percentage word problems requires not just mathematical computations but also mathematical reasoning. This skill is crucial in recognizing what the problem is asking, determining what data is relevant, and figuring out which mathematical operations to use. Let's consider the exercise provided.

In the problem, we tackle a scenario where sales volumes shift and prices change. Mathematical reasoning allows us to break down the situation into manageable parts. First, we calculated the total sales in January by recognizing the need for simple multiplication—the number of items times the cost per item. Moving on to February, we understood that a decrease in customers and an increase in price affect the final sales number—requiring complex reasoning to integrate both changes accurately.
Percent Change Calculation
The percent change calculation is essential in various fields such as economics, business, and even daily shopping. In our washing machine sales example, an understanding of percentage decreases and increases is critical. To handle a decrease of 10% in customers, we calculated 90% of the original count (a common mistake is to subtract 10 from the number, which doesn't account for percent).

For the increase in price, we recognized a 20% hike equates to a price that is 120% of the original. The correct interpretation of percent change leads to multiplying the original price by 1.20. Notice that the use of percentages is multiplicative rather than additive; this principle is a common pitfall for students. To ease the understanding, you could visualize percentage changes as proportions, where 100% is the original amount, and any change adjusts this portion accordingly.
Real-World Math Applications
Applying mathematical concepts to real-world math applications empowers students to make impactful decisions based on quantitative data. This exercise simulates a real-world scenario in the retail industry—evaluating sales performance over time with varying factors. By performing such exercises, students are better prepared to face practical problems where math is used to predict trends, calculate profits, or set prices.

Real-world applications reinforce the importance of understanding concepts like base price, sales volume, and percent change, not just for exams, but for daily life. For instance, when a store offers a discount or raises prices, consumers can calculate the final cost they need to pay. In business, this analysis extends to forecasting earnings or assessing the financial impact of marketing strategies. Thus, learning through real-world contexts greatly enhances comprehension and retention of mathematical concepts.

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

In Exercises 1-10, \((n)\) a. Find the value of each annuity. Round to the nearest dollar. b. Find the interest. $$ \begin{array}{|l|l|l|} \$ 4000 \text { at the end of } & \begin{array}{l} 6.5 \% \text { compounded } \\ \text { each year } \end{array} & 40 \text { years } \\ \hline \end{array} $$

In Exercises 11-18, a. Determine the periodic deposit. Round up to the nearest dollar. b. How much of the financial goal comes from deposits and how much comes from interest? $$ \begin{array}{|l|l|l|l|} \hline \text { Periodic Deposit } & \text { Rate } & \text { Time } & \text { Financial Goal } \\ \hline \$ \text { ? at the end of each year } & 6 \% \text { compounded annually } & 18 \text { years } & \$ 140,000 \\ \hline \end{array} $$

Describe why a buyer would select a 30-year fixed-rate mortgage instead of a 15 -year fixed-rate mortage if interest rates are \(\frac{1}{4} \%\) to \(\frac{1}{2} \%\) lower on a 15 -year mortgage.

Make Sense? In Exercises 19-25, determine whether each statement makes sense or does not make sense, and explain your reasoning. I like to keep all my money, so I pay only the minimum required payment on my credit card.

In Exercises 25-30, round to the nearest dollar. Suppose that you earned a bachelor's degree and now you're teaching high school. The school district offers teachers the opportunity to take a year off to earn a master's degree. To achieve this goal, you deposit \(\$ 2000\) at the end of each year in an annuity that pays \(7.5 \%\) compounded annually. a. How much will you have saved at the end of 5 years? b. Find the interest.

See all solutions

Recommended explanations on Math Textbooks

View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.