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A lamp is manufactured to sell for $35.00, which yields a profit of 25% of cost . If the profit is to be reduced to 15% of cost , what will be the new retail price of the lamp?

A lamp is manufactured to sell for $35.00, which yields a profit of 25% of cost . If the profit is to be reduced to 15% of cost , what will be the new retail price of the lamp? Correct Answer $32.20

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