Bola sold an article for N6,900.00 and made a profit of 15%. If he sold it for N6,600.00 he would make a
-
A.
profit of 13% -
B.
loss of 12% -
C.
loss of 10% -
D.
loss of 5%
Correct Answer: Option C
Explanation
s.p = N6900
%profit = 15%
%profit = (frac{s.p – c.p}{c.p}) x 100%
15% = (frac{6900 – c.p}{c.p}) x 100%
(frac{15}{100})c.p = N6900 – c.p
0.15 c.p = N6900 – c.p
1.15c.p + c.p = N6900
c.p = (frac{6900}{1.15})
= 6000.00
Now new S.P = N6600
profit = s.p – c.p = 6000 – 6600
= 600
%profit = (frac{600}{6600}) x 100%
= 10%