How are variables set in this word problem?
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MrBojangles asked:
A private art collector sold a canvas at a 10% loss during a financial depression. She bought it years later at an auction and sold it to a museum for $37,000 more than the auction price.
A private art collector sold a canvas at a 10% loss during a financial depression. She bought it years later at an auction and sold it to a museum for $37,000 more than the auction price.
If the gallery made a 25% profit and the collector made a 39.5% net profit on her original investment, for what price did she originally bought the picture.
BRADLEY
February 13th, 2009 at 11:29 pm
MORGAN
x = Original price
x - 0.1x = Price sold to gallery
(x - 0.1x) + 0.25(x - 0.1x) = price sold by gallery
(x - 0.1x) + 0.25(x - 0.1x) + 37,000 = price sold to museum
(x - 0.1x) + 0.25(x - 0.1x) + 37,000 = x + (0.395x)
Maybe?