Question

An article costing ₦120.00 is sold at a profit of 30%. calculate the selling price of the article.

1) ₦156.00
2) ₦156.30
3) ₦156.60
4) ₦156.90

Answer 1

To find the selling price of an article with a 30% profit, multiply the cost price (₦120.00) by 30% to get the profit (₦36.00), and then add it to the cost price to get the selling price (₦156.00).

Step-by-step explanation:

To calculate the selling price of an article after a profit of 30%, you would follow these steps:

1. Calculate the profit by converting the percentage to a decimal and multiplying it by the cost price. In this case, 30% of ₦120.00 is 0.30 × ₦120.00 which equals ₦36.00.
2. Add the profit to the cost price to get the selling price. So, ₦120.00 + ₦36.00 equals ₦156.00.

Therefore, the selling price of the article is ₦156.00.