Niko has bought 9 pairs of socks that cost $2 each and plans to resell them. He wants to gain 25% profit from four of the pairs of socks and $0.2 profit each for the other 5 pairs of socks. How much will his total profit be?
Thoughts? Step-by-step reasoning:
Niko will earn $2 x 25 / 100 = $0.5 profit for each of the first four pairs of socks. So, his total profit for the four pairs of socks will be $0.5 x 4 = $2. His total earnings for the 5 pairs of socks is $0.2 x 5 = $1. Therefore, his total profit will be $2 + $1 = $3.
Thus, the answer is 3.