Question

1. By selling an article at N600.00, a
trader makes a profit of 20%. Find the
cost price.​

Answer 1

500

Explanation:

SP = 600.00

profit= 20%

SP = CP + 20% of CP

or, 600.00 = CP + 20/100 × CP

or, 60000= 120CP

or, CP = 60000/ 120

CP = 500