Question

A trader sold a radio set for 72.00 making a profit of 8% .Find , correct to the nearest ghana cedis ,the cost price for the radio set .

Answer 1

Given:

The selling price of a ratio set = 72.00

Profit percent = 8%

To find:

The cost price for the radio set.

Solution:

Let x be the cost price for the radio set.

Radio set is sold at 8% profit.

$\text{Selling price}=x+\dfrac{8}{100}x$

$\text{Selling price}=x+0.08x$

$\text{Selling price}=1.08x$

The selling price of a ratio set is 72.00.

$72=1.08x$

$\dfrac{72}{1.08}=x$

$x=66.666...$

$x\approx 67$

Therefore, the cost price for the radio set is 67.