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Ravi bought 6 paperclips for $1. To make a profit of 20%, how many should he sell for $1?51037

Question

Ravi bought 6 paperclips for 1.Tomakeaprofitof201. To make a profit of 20%, how many should he sell for 1?

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Solution

To calculate how many paperclips Ravi should sell for $1 to make a 20% profit, follow these steps:

  1. First, determine the cost of each paperclip. Ravi bought 6 paperclips for 1,soeachpaperclipcosts1, so each paperclip costs 1/6 = $0.1667.

  2. Next, calculate the price Ravi should sell each paperclip at to make a 20% profit. A 20% profit means he should sell each paperclip for 120% of its cost, so 0.16671.2=0.1667 * 1.2 = 0.20.

  3. Finally, determine how many paperclips Ravi should sell for 1.Sinceeachpaperclipshouldbesoldfor1. Since each paperclip should be sold for 0.20, Ravi should sell 1/1/0.20 = 5 paperclips for $1 to make a 20% profit.

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