Question 831097
For the first chair:
500 = 120% of ? (100% + 20% profit)
Divide each side by 1.20
The chair initially cost 416.67
.
For the second chair:
500 = 88% of ? (100% - 12% loss)
Divide each side by 0.88
The chair initially cost 568.18
.
How much did he pay altogether for the chairs?
416.68 + 568.18 = 984.86
He sold them for 1000
His net profit then is 1000 - 984.86, or 15.14
.
What % of 984.86 is 15.14?
Divide by 984.86 to get 1.54% profit
.
At least he's in the black :-)