A trader sells a radio for KSh 5200, making a profit of 30% on the buying price. What was the buying price?
Answer and explanation
Correct answer: C. KSh 4000
- Step 1: The selling price is (100 + 30)% = 130% of the buying price. Step 2. Buying price = 5200 x 100/130 = KSh 4000. Answer: KSh 4000. Why not the others: KSh 3640: That takes 30% off the selling price, but the profit was worked on the buying price. KSh 5170: That subtracts 30 shillings, not a percentage. KSh 1560: That is a percentage of the selling price, not the buying price.
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