Question

2. (a) A gold chain which costs $500 is sold at a profit of 27% on the cost price. Find its selling price.

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Answer 1

To find the selling price of the gold chain, you can use the formula for calculating the selling price when there's a profit on the cost price:

Selling Price = Cost Price + Profit

In this case, the cost price of the gold chain is $500, and the profit is 27% of the cost price. To calculate the profit, you can use the formula:

Profit = (Profit Percentage / 100) * Cost Price

So, first, calculate the profit:

Profit = (27/100) * $500 = 0.27 * $500 = $135

Now, add the profit to the cost price to find the selling price:

Selling Price = Cost Price + Profit

Selling Price = $500 + $135

Selling Price = $635

The selling price of the gold chain is $635.

Explanation: