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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