A man made a profit of 5 when he sold an articl... - JAMB Mathematics 2007 Question
A man made a profit of 5% when he sold an article for N60,000.00. How much would he have to sell the article to make a profit of 26%?
A
N65,000
B
N68,000
C
N70,000
D
N72,000
correct option: d
Let the cost price be C. For the profit of 5%, selling price = 105% C = N60,000
therefore C = \(\frac{100}{105}\) x N60,000
For a profit of 26%, the selling price = 126%C
= \(\frac{126}{100}\)C x \(\frac{100}{105}\) x N60,000
= N72,000
therefore C = \(\frac{100}{105}\) x N60,000
For a profit of 26%, the selling price = 126%C
= \(\frac{126}{100}\)C x \(\frac{100}{105}\) x N60,000
= N72,000
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