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This problem trains for: SAT-I, GMAT, AMC-8, Math Kangaroo 5-6, Math Kangaroo 7-8.
Crainquebille makes a monthly profit of 5.5% on the vegetables he sells. Tired of the slow sales, he decides to lower his profit to 2%. As a result, the total amount of sales increases by 10%. What is the ratio between the total profit that Crainquebille was making before he slashed prices to the total profit he makes now?
(character from Anatole France's "Crainquebille")
Denote the total sales in a regular month by S. The profit in a regular month is:
After he lowered prices, the total sales increased by 10% to:
and the new profit became:
The desired ratio is: