A producer, earning a profit of #12%#, earns #$540# on a product. What is the cost price and sale price of the product?
2 Answers
(a) Cost price is
Explanation:
As profit is calculated on cost price,
if
Hence cost price is
and sale price being sum of cost price and profit
Sale price is
(1) A =
(2) A =
Explanation:
First, let's start by finding the "cost" price or how much it costs the manufacture to produce the product. We do this by finding the total sale price and subtracting the profits.
=
=
Then, we can calculate the sale price which is just the total percentage + profit:
=
=
All the best!