Golf Clubs R Us had a set of 10 golf clubs that were marked on sale for $590. This was a discount of 25% off the original selling price. If the golf clubs cost Golf Clubs R Us $570, what was their profit? Follow the problem-solving process and round your answer to the nearest cent, if necessary.
Answer (2)
Golf Clubs R Us sold a set of golf clubs for $590, while the cost to the store was $570. To find the profit, we subtract the cost from the sale price, resulting in a profit of $20. Therefore, the profit is $20.
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Calculate the profit by subtracting the cost from the sale price.
The sale price is $590 and the cost is $570.
Perform the subtraction: $590 - $570 = $20.
The profit is $\boxed{ 20} .
Explanation
Problem Analysis We are given that Golf Clubs R Us sold a set of golf clubs for $590, which was a 25% discount off the original price. The cost of the golf clubs to the store was $570. We need to find the profit made on the sale.
Profit Calculation The profit is the difference between the sale price and the cost. In this case, the sale price is $590 and the cost is 570. T h ere f ore , t h e p ro f i t i sc a l c u l a t e d a s : Profit = Sale Price − Cost $
Substituting Values Substituting the given values, we have: \text{Profit} = $590 - $570
Final Calculation \text{Profit} = $20 The profit made by Golf Clubs R Us on the sale of the golf clubs is $20.
Examples
Understanding profit is crucial in business. For example, if you're selling lemonade, knowing your costs (lemons, sugar, cups) and your selling price helps you calculate your profit. This tells you if your lemonade stand is making money or not. Similarly, businesses use profit calculations to determine the success of their products and make informed decisions about pricing and production.
