SOLUTION: For selling an item for N850 a trader made a profit of 15%. What should be selling price be to make a profit of 20%?

Question 1141468: For selling an item for N850 a trader made a profit of 15%. What should be selling price be to make a profit of 20%?
Found 2 solutions by Theo, MathTherapy:
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
m = s / c - 1
m% = s / c * 100

m is the profit margin
c is the cost.

when s = 850 and m = .15, m = s / c becomes .15 = 850 / c - 1

add 1 to both sides of this equation to get 1.15 = 850 / c

solve for c to get c = 850 / 1.15 = 739.1304348.

when m = .20, the formula of m = s / c - 1 becomes .20 = s / 739.1304348 - 1

add 1 to both sides of this equation to get 1.20 = s / 739.1304348.

solve for s to get s = 1.20 * 739.1304348 = 886.9565217.

that's your solution.

to get 20% profit, your sale price needs to be 886.9565217.

Answer by MathTherapy(10555) (Show Source): You can put this solution on YOUR website!

For selling an item for N850 a trader made a profit of 15%. What should be selling price be to make a profit of 20%?

Making a profit of 15% means that itw's sold for 1 + .15, or 1.15
Making a profit of 20% means that it should be sold for 1.2
We therefore get the simple PROPORTION: , with S being the selling price to make a 20% profit
Solve that for S to get your answer!
Cross-multiplying or multiplying both sides by LCD, 1.2S should get you there.
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