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JAMB Mathematics 2007 Question 34

Question 34

Commercial Arithmetic

A man made a profit of 5% when he sold an article for N60 000.00. How much would he have to sell the article to make a profit of 26%?

  1. A.N68 000
  2. B.N72 000
  3. C.N65 000
  4. D.N70 000
Show the answer and explanation

Answer: B (N72 000)

Explanation

Cost price = 60,000 ÷ 1.05. To make 26% profit: 60,000 × 1.26/1.05 = 60,000 × 1.2 = N72,000.