Question

A retail store makes k% profit on the selling price. What is the least integer value of k that will enable the store to make a profit of at least 30% of the cost of the item?

Answer 1

k = 23% profit on sale price is needed to ensure 30% profit on cost price

Explanation:

Let sale price be = s , Profit = k% of s

Let cost price be = 100 , Profit = 30% of c

Cost price (c) + profit (p) = Sale price (s)

c + 0.3c = s

1.3c = s

Profit as a percentage of sale = (Profit / Sale) x 100

= (0.3c / 1.3c) x 100

= 23%