A trader sells a radio for KSh 5500, making a profit of 10% on the buying price. What was the buying price?
Answer and explanation
Correct answer: B. KSh 5000
- Step 1: The selling price is (100 + 10)% = 110% of the buying price. Step 2. Buying price = 5500 x 100/110 = KSh 5000. Answer: KSh 5000. Why not the others: KSh 4950: That takes 10% off the selling price, but the profit was worked on the buying price. KSh 5490: That subtracts 10 shillings, not a percentage. KSh 550: That is a percentage of the selling price, not the buying price.
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