By selling an article for N45.00 a man makes a profit of 8%. For how much should he have sold it in order to make a profit of 32%?
A
N180.00
B
N59.00
C
N63.00
D
N58.00
E
N55.00
Verified Correct Answer: E.
Step-by-Step Mathematical Solution
When C.P = N45.00 at 8% profit
C.P = \(\frac{100}{108}\) x 45
at profit of 32%, S.P = \(\frac{132}{100}\) x c.p
= \(\frac{132}{100}\) x \(\frac{100 \times 45}{108}\)
= \(\frac{5940}{108}\)
= N55.00
Source: Myschool Past Questions Archive (Record #32568)