Ashifur August 8, 2023 - 21:20
Problem: A lamp is manufactured to sell for $35.00, which yields a profit of 25% of cost. If the profit is to be reduced to 15% of cost, what will be the new retail price of the lamp?

View all: JANOTA BANK (EO) WRITTEN QUESTION (MATH) SOLVE | 2017

Correct Answer: The new retail price of the lamp will be $32.20

Explanation:

Let, the cost of the lamp is $ 100

Now, at 25% profit, the sales price = $(100 + 25) = $125

If sales price is $125 then cost price is 100

If sales price is USD 1 then cost price is $\frac{100}{125}$

If sales price is USD 35 then cost price is USD 1 then cost price is $\frac{100}{125} = $ USD28

Again, at 15% profit, the sales or retail price = $(100 + 15) = $ 115

If cost price is USD 100 then retail price is $115

If cost price is USD 1 then retail price is $\frac{115}{100}$

If cost price is USD28 then retail price is $\frac{115\times28}{100}$ = USD 32.20

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