Question

)
32.What is the cost price of a good
sold for N25, 00 at the profit of
20%
a) N28,000
b) N20,833.33
c) N20,000
d) N32,000​

Answer 1

A bag was sold for $324 thereby gaining 8%. Find the cost price of the bag.

Solution:

Given selling price = $324

Gain% = 8%

We know, cost price = selling price × 100/100 + gain%

Therefore, cost price = 324 × 100/100 + 8

= 324 × 100/108

= 12 × 25

= $300

Therefore, the cost price of the bag is $300.