Need help for my exam "If a product is sold for 2500 euros, then the loss would be 8%. How much should the product be sold to reach 8% profit?"
A question about my exam
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arithmetic
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0You might want to mention that next time. – 2012-10-11
1 Answers
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There is sometimes lack of clarity when one deals with percentages: $8\%$ of what?
My interpretation is $8\%$ of the price the item cost us. So let $C$ be that cost. We have $C-(0.08)C=(1-0.08)C=(0.92)C=2500.$
To make an $8\%$ profit, we have to sell at price $P$, where $P=C+(0.08)C=(1.08)C$ Use the first equation to find an expression for $C$, and then use the second equation to find an expression for $P$. Finally, calculate.