Noman sells pens for TK. 65.00 each. This price gives him a profit of 30 percent on the costs. What will be the new retail price of each pen if he cuts his profit to 10 percent of costs ?

Noman sells pens for TK. 65.00 each. This price gives him a profit of 30 percent on the costs. What will be the new retail price of each pen if he cuts his profit to 10 percent of costs ? Correct Answer TK. 55.00

Let the cost price be A. Then, A + 30% of A = 65 or, A + 0.3A = 65 or,  1.3A = 65 or,  A = 65 / 1.3 = 50 TK. New retail price at 10% profit = 50 + 10% of 50 = 50 + 5 = 55 TK
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