SOLUTION: When a television set is sold for ₦18,700 the profit is 10%. What should the selling price be to make a profit of 18%.

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Question 1205372: When a television set is sold for ₦18,700 the profit is 10%. What should the selling price be to make a profit of 18%.
Found 2 solutions by math_tutor2020, greenestamps:
Answer by math_tutor2020(3817) About Me  (Show Source):
You can put this solution on YOUR website!

x = cost of the TV for the store owner (i.e. what the store owner paid)
x + 0.10x = 1.10x = price of the TV when the profit is 10%

1.10x = 18700
x = 18700/1.10
x = 17000
The store owner paid ₦17,000 for the TV.
If the store owner sells the TV for ₦18,700 then s/he will make a profit of 10%.

But now we want the profit to be 18%
We'll involve the multiplier 1.18 for this reason.
1.18*17000 = 20060

Answer: ₦20,060

Answer by greenestamps(13203) About Me  (Show Source):
You can put this solution on YOUR website!


The price P of 18,700 with a profit of 10% is 1.10 times the original cost C:

1.10%28C%29+=+18700

You can find the original cost using that equation and then use the original cost to find the price with a profit of 18%.

But there is no need to take the extra step to find the original price. The price with a profit of 18% is

1.18%28C%29=%281.18%2F1.10%29%281.10%28C%29%29=+%281.18%2F1.10%29%2818700%29=20060