The owner of a grocery store offers a special deal on Coca Cola drinks, in which a pair of bottles are sold with a 30% discount on the second bottle. If the cost of one bottle for the owner is GHS2.50, and on selling 50 pairs with the aforementioned discount he made a GHS260 profit, what is the selling price of one bottle of wine on that sale?
Question
The owner of a grocery store offers a special deal on Coca Cola drinks, in which a pair of bottles are sold with a 30% discount on the second bottle. If the cost of one bottle for the owner is GHS2.50, and on selling 50 pairs with the aforementioned discount he made a GHS260 profit, what is the selling price of one bottle of wine on that sale?
Solution
To solve this problem, we need to follow these steps:
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First, we need to calculate the cost price for 50 pairs of Coca Cola bottles. Since one bottle costs GHS2.50, two bottles (a pair) would cost GHS5.00. Therefore, 50 pairs would cost 50 * GHS5.00 = GHS250.00.
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Next, we need to calculate the total revenue from the sale of 50 pairs. We know that the owner made a profit of GHS260.00. Since profit is calculated as revenue minus cost, we can find the total revenue by adding the profit to the cost. So, the total revenue is GHS260.00 (profit) + GHS250.00 (cost) = GHS510.00.
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Now, we need to find the selling price of one pair of bottles. Since the total revenue from selling 50 pairs is GHS510.00, the selling price of one pair is GHS510.00 / 50 = GHS10.20.
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However, we know that the second bottle in each pair was sold with a 30% discount. Let's denote the selling price of the first bottle as X and the selling price of the second bottle as 0.70X (since it's sold with a 30% discount). Therefore, the selling price of one pair (two bottles) is X + 0.70X = 1.70X.
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We can now set up the equation 1.70X = GHS10.20 and solve for X, which represents the selling price of one bottle. Solving this equation gives X = GHS10.20 / 1.70 = GHS6.00.
So, the selling price of one bottle of Coca Cola in that sale was GHS6.00.
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