What is the cost price of a good sold for 2,500 naira at the profit of 20%

Answer 1

To find the cost price, we need to use the formula:

Cost price = Selling price / (1 + (Profit % / 100))

In this case:

Selling price = 2,500 naira
Profit % = 20%

Substituting these values:

Cost price = 2,500 / (1 + (20/100))
Cost price = 2,500 / 1.2
Cost price = 2,083.33 naira

Therefore, the cost price of the good is 2,083.33 naira.