Question

A shopkeeper made a loss made a loss of 30%by selling an electric iron at sh 750 what profit would he have made had he sold it at sh 1150?

Answer 1

To find out the profit made, we need to calculate the cost price of the electric iron.

If selling the electric iron at sh 750 resulted in a loss of 30%, the selling price would represent only 70% of the cost price.
Let's say the cost price is represented by x.

So, 70% of x = sh 750.
Converting 70% to a decimal, we get 0.7.
Hence, 0.7x = 750.

To find the cost price x, we divide both sides of the equation by 0.7:
x = 750 / 0.7.

So the cost price of the electric iron is sh 1071.43 (rounded to 2 decimal places).

If the electric iron was sold for sh 1150, the profit would be the difference between the selling price and the cost price:
Profit = Selling price - Cost price.
Profit = sh 1150 - sh 1071.43.
Profit = sh 78.57.

Therefore, the shopkeeper would have made a profit of sh 78.57 if he had sold the electric iron for sh 1150.