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Wally was a farmer who raised crops. Last year he planted 3 acres of soybeans. He paid $100 for the seed and $200 for fertilizer. A part-time worker helped him plant and harvest. The man's labor cost a total of $500. The crop yielded 700 bushels of soybeans, and Wally sold them for $2.03 a bushel. How much did W ally profit on his soybeans last year?

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opudodennis

Answer:

$621

Step-by-step explanation:

-Profit is the net amount after deducting the total expenses from the sales revenue realized.

-Wally's expenses are:

[tex]E=100+200+500\\\\=800[/tex]

-Wally's sales revenue is:

[tex]R=sp\times w, sp-selling \ price, w= bushels\\\\=700\times 2.03\\\\=1421[/tex]

The profit made is therefore calculated as:

[tex]P=R-E\\\\=1421-800\\\\=621[/tex]

Hence, Wally's profit last year was $621

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