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28 August, 17:38

A company made one of the largest single purchases of long-distance telephone time in history. It purchased 41 million minutes at a total cost of $1 comma 230 comma 000. If the company resells the phone time at an average of 6 cents per minute, how much profit will it make on the purchase?

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  1. 28 August, 19:30
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    Profit of $1,230,000

    Step-by-step explanation:

    Data provided in the question:

    Number of minutes purchased = 41 million

    Total cost of the minutes purchased = $1,230,000

    Selling cost of the phone time = 6 cents per minute = $0.06

    Now,

    Total sales value

    = Number of minutes purchased * Selling cost of the phone time

    = 41 million * $0.06

    = 41,000,000 * $0.06

    = $2,460,000

    Therefore,

    Profit = Sales value - Cost of purchase

    = $2,460,000 - $1,230,000

    = $1,230,000

    Hence,

    Profit of $1,230,000
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