A man offers to sell a boat for $240 000 in order to make a profit of 20%. Later he changes his mind and decides to make a profit of 30%. What would be the selling price of the boat?

Kamila Frye

Kamila Frye

Answered question

2022-10-26

A man offers to sell a boat for $240 000 in order to make a profit of 20%. Later he changes his mind and decides to make a profit of 30%. What would be the selling price of the boat?

Answer & Explanation

Kenley Rasmussen

Kenley Rasmussen

Beginner2022-10-27Added 13 answers

When he planned to make profit of 20%, the selling price offered is $ 240000.
Using this information, we can find the cost price of boat.
Let cost price in dollars = CP
To get 20% profit, selling price SP = 240000
C P = S P 100 100 + percent profit = 240000 100 100 + 20 = 240000 100 120 = 200000
Cost price of the boat =$200000
Seller decides to make profit of 30%
SP = 100 + profit percent 100 CP = 100 + 30 100 200000 = 130 100 200000 = 130 2000 = 260000

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