Answer:
a. Profit from each book = $15
b. No, Travis was wrong.
c. Travis isn't correct because Mr. Roberts made $15 from the sales of each book.
Step-by-step explanation:
Given the following data;
Number of books bought = 500
Selling price = $35
Robert savings (cost price) = $9,512 + $488
Robert savings (cost price) = $10,000
Purchasing price = $10,000/500 = $20
Revenues from book sold = 500 * 35 = $17,500
Total profit = Revenues - Cost price
Total profit = $17,500 - $10,000
Total profit = $7,500
To find the amount earned from each book;
[tex] Profit \; from \; each \; book = \frac {Total \;profit}{Numbers \; of \; book} [/tex]
Substituting into the equation, we have;
[tex] Profit \; from \; each \; book = \frac {7500}{500} [/tex]
Profit from each book = $15
Therefore, Mr. Roberts earned $15 from selling each book.
Check:
Selling price = purchasing price + profit = $20 + $15 = $35
