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
Profit of 10%
D
loss of 5%
Verified Correct Answer: C.
Step-by-Step Mathematical Solution
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%
Source: Myschool Past Questions Archive (Record #36563)