An item is sold for $65.00, giving the retailer a profit of 30% of the cost . What will be the new retail price if the retailer cuts his profit to 10% of costs ?

An item is sold for $65.00, giving the retailer a profit of 30% of the cost . What will be the new retail price if the retailer cuts his profit to 10% of costs ? Correct Answer $55

when sp 130 then cp 100 when sp 1 then cp. 100/130 When Sp 65 then cp 100×65/130 So Cp = 50 Therefore the new retail price = 50 + 50×10% = $55 ans:$55 
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