A scout troop buys candy bars at a price of five for dollars. They sell all the candy bars at the price of two for dollar. What was their profit, in dollars?
- A)
- B)
- C)
- D)
- E)
Answer
A
Key insight
Find the price of one bar when buying (40 cents) and when selling (50 cents). Each bar earns 10 cents, and there are 1000 bars.
Solution
Profit means the money that comes in minus the money that goes out. So find both amounts.
- Money spent. Five bars cost dollars. The troop buys bars, which is groups of five. That costs dollars.
- Money taken in. Two bars sell for dollar. Selling bars is groups of two, which brings in dollars.
- Profit. Money in minus money out: dollars.
The answer is .
Why this works
The buying price and the selling price are given for different group sizes (five and two), so you cannot compare them directly. Turning each one into a total for all bars, or into a price for one bar, puts them on the same footing. Then profit is just one subtraction.
Alternative approach
Compare the prices bar by bar. Buying: dollars for bars is cents a bar. Selling: dollar for bars is cents a bar. Each bar earns cents, and bars earn cents, which is dollars.
The trap
Giving the money they took in (500 dollars) or the money they spent (400 dollars) instead of the difference between them.
Concise solution
Buying five bars for dollars means each bar costs dollar, so the whole purchase costs
Selling two bars for dollar means each bar brings in dollar, so the total revenue is
Profit is revenue minus cost: .
The answer is .
Review in the AoPS books
- Introduction to Algebra, Chapter 6: Ratios and Percents
- Introduction to Algebra, Chapter 3: One-Variable Linear Equations (§3.3, §3.4)
- Introduction to Algebra, Chapter 7: Proportion (§7.1, §7.2, §7.3)
- Prealgebra, Chapter 13: Data and Statistics (§13.1)
Techniques
Set up the equation/formula and compute; no special trick needed