Question

A shop sells pairs of trainers for £68 each. They make a percentage profit of 70% on each pair.

What was the cost of each pair of trainers to the shop?

Answer 1

The cost of each pair of trainers to the shop is £40.

Step-by-step explanation:

To find the cost of each pair of trainers to the shop, we can use the formula:

Cost price = Selling price / (1 + Profit percentage)

Given that the selling price is £68 and the profit percentage is 70%, we can substitute these values into the formula:

Cost price = £68 / (1 + 0.7) = £40

Therefore, the cost of each pair of trainers to the shop is £40.