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Math Help - Profit Help

  1. #1
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    Profit Help

    I'm having a little difficulty solving growth/decay facts, I suppose this question is about that but I'm having a little difficulty understanding what it means

    Question: Keller industries' profit were up $50,000 this year over last year. This was an increase of 12.5%

    Let T represent the profit this year and L the profit from last year and write a system of equations that can be used to determine the profits?
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  2. #2
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    Re: Profit Help

    Quote Originally Posted by awfulatmath View Post
    ...
    Question: Keller industries' profit were up $50,000 this year over last year. This was an increase of 12.5%

    Let T represent the profit this year and L the profit from last year and write a system of equations that can be used to determine the profits?
    Hello,

    you only have to extract 2 equations from the text:

    \begin{array}{r}L + \frac{12.5}{100} \cdot L = T \\ L + 50,000 = T \end{array}

    Solve for L and T.
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  3. #3
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    Re: Profit Help

    Thanks so much, for the equations.

    Now when solving is it possible to use the Elimination or Substitution method when solving? Since I can solve for both L and T variables?
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  4. #4
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    Re: Profit Help

    Quote Originally Posted by awfulatmath View Post
    Thanks so much, for the equations.

    Now when solving is it possible to use the Elimination or Substitution method when solving? Since I can solve for both L and T variables?
    either will work. Since you have two expressions for T you might as well just set them equal and immediately eliminate T from the mix. You'd get

    $L+\dfrac{12.5}{100}\cdot L = L + 50,000$

    and this can be solved for $L$

    $L$ can then be used to find $T$ from either equation.
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  5. #5
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    Re: Profit Help

    I solved for L and received .125

    Or is that completely wrong? Would I take the value for L and plug into T?
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  6. #6
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    Re: Profit Help

    What do you think? 50,000 was an increase of 12.5 (% although you didn't say that) of last year's profit. Is 12.5% of .125 equal to 50,000?
    You are really saying that .125L= 50000.


    (Note the "0.125", NOT 12.5!)
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  7. #7
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    Re: Profit Help

    Quote Originally Posted by awfulatmath View Post
    I solved for L and received .125

    Or is that completely wrong? Would I take the value for L and plug into T?
    it's wrong.

    subtract $L$ from both sides and you are left with

    $0.125 L = 50000$

    surely you can solve it from here.

    The answer is
    Spoiler:
    400000


    Then $T=L + 50000=$
    Spoiler:
    450000
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