SOLUTION: An item was sold for 650.00 naira with a profit of 30%. If the profit had been 20%, what was the selling price?

Question 728410: An item was sold for 650.00 naira with a profit of 30%. If the profit had been 20%, what was the selling price?

Answer by mbmodak(32) (Show Source): You can put this solution on YOUR website!
An item was sold for 650.00 naira with a profit of 30%. If the profit had been 20%, what was the selling price?
selling price=purchase price+profit(% of purchase price)
So If purchase price is 100 then @ 30% profit selling price is 100+30=130
For 130 selling price purchase price is 100
For 650 selling price purchase price shall be (650/130)*100 i.e.500
Now for 500 purchase price @ 20% profit the selling price shall be 500+((500/100)*20) i.e 100 =500+100=600
So selling price should be 600

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