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February 26th, 2017, 05:36 PM  #1 
Newbie Joined: Feb 2017 From: ny Posts: 1 Thanks: 0  Percentage Word Problem
Retail Division accounts for 40% of Maritime bank’s profit. If the bank wants to grow its overall profit by 15% only through the Retail Division, by how many percentage does this division’s profit have to grow? The answer given is 37.5% but I have no idea how they got it. Can someone please explain each step? 
February 26th, 2017, 06:36 PM  #2  
Senior Member Joined: Sep 2015 From: USA Posts: 1,790 Thanks: 923  Quote:
$retail = 0.4 P_i$ $other = 0.6 P_i$ They want to increase their profit by 15% to become $P_f = P_i(1.15) = (1+g)retail + other$ $(1.15)P_i = (1+g) (0.4 P_i) + 0.6 P_i$ $1.15 P_i =( 0.4 (1+g)+0.6) P_i$ $1.15 = 0.4(1+g)+0.6$ $0.55 = 0.4(1+g)$ $1.375 = 1+g$ $g=0.375 = 37.5\%$  
February 27th, 2017, 12:05 AM  #3 
Senior Member Joined: Apr 2014 From: UK Posts: 809 Thanks: 301 
.15/.40 also works. Since the retail part is only 40%, it must increase by 2.5 times the goal (2.5 * 40% = 100%), which is 2.5 * 15% = 37.5% 1/.4 is 2.5, which is why .15/.4 works. 

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