Step-by-step explanation:
A watch seller gained 20% by selling a watch for 1260.If he had to gain 30%,at what price should have he sold it?
Dalton III
Answered December 12, 2020
I shall explain the solution to this problem using rudimentary concepts.
First, we need to determine the original price of the watch.
Convert the percentage profit to a decimal by dividing by 100. In this problem, the profit is 20%, so we would divide:
20100=0.2
Add 1 to the profit expressed as a decimal.
1+0.2=1.2
Divide the price after the profit has been added by the figure which we have calculated to find the price before the profit (we shall assume that the currency used in this problem is the pound sterling)
£12601.2=£1050
Now that we have determined the original price of the watch, we shall determine at what price should the seller sell this watch in order to obtain a 30% gain. The same formula is used for the first two steps.
Convert the intended percentage profit to a decimal by dividing by 100. In this problem, the intended profit is 30%, so we would divide:
30100=0.3
Add 1 to the intended profit expressed as a decimal.
1+0.3=1.3
Now, instead of dividing, we would want to multiply the original price with the figure 1.3
£1050⋅1.3=£1365
So, in order to gain a profit of 30%, the watch seller should sell the watch at a price of £1365
