Suppose a product costs R10 and the profit rate is 20% on the cost price, find the selling price

zi2lalZ

zi2lalZ

Answered question

2020-10-18

Suppose a product costs R10 and the profit rate is 20% on the cost price, find the selling price

Answer & Explanation

Mitchel Aguirre

Mitchel Aguirre

Skilled2020-10-19Added 94 answers

Given:
Cost price: R10
Profit rate: 20%
The selling price is then the cost price increased by 20% of the cost price.
Selling price = Cost price+Profit rate*Cost price.
=R10+20%R10=R10+0.20R10=1.20R10=R12
Thus the selling price is R12.

Jeffrey Jordon

Jeffrey Jordon

Expert2021-08-10Added 2605 answers

Answered in video

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