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When a TV set is sold for ₦18,700 the profit is 10%, what should be the sellin...


Question

When a TV set is sold for ₦18,700 the profit is 10%, what should be the selling price to make a profit of 18%?

Options

A) ₦17,060

B) ₦19,020

C) ₦20,060

D) ₦22,000

The correct answer is C.

Explanation:

Let the cost price = x
x + 10%x = ₦18700
\(x + \cfrac{10x}{100} = ₦18700\)
\(\cfrac{100x + 10x}{100} = ₦18700\)
\(\cfrac{10x + x}{10} = ₦18700\)
10x + x = ₦18700 × 10
11x = ₦18700 × 10
\(x = ₦\cfrac{187000 \times 10}{11} = ₦17000\)
To make profit of 18%:
Selling price = 17000 + 18% of 17000
\(= 17000 + \cfrac{18}{100} \times 17000\)
= 17000 + 3060
= ₦20,060

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Dicussion (1)

  • Let the cost price = x
    x + 10%x = ₦18700
    \(x + \cfrac{10x}{100} = ₦18700\)
    \(\cfrac{100x + 10x}{100} = ₦18700\)
    \(\cfrac{10x + x}{10} = ₦18700\)
    10x + x = ₦18700 × 10
    11x = ₦18700 × 10
    \(x = ₦\cfrac{187000 \times 10}{11} = ₦17000\)
    To make profit of 18%:
    Selling price = 17000 + 18% of 17000
    \(= 17000 + \cfrac{18}{100} \times 17000\)
    = 17000 + 3060
    = ₦20,060

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