Question 28
Commercial ArithmeticA profit of 8% was made when an article was sold for $500.00. At what price should it be sold to make a profit of 16%?
- A.$537.04
- B.$540.00
- C.$573.04
- D.$580.00
Show the answer and explanation
Answer: A ($537.04)
Explanation
Cost price = 500 ÷ 1.08 = $462.96. For 16% profit: 462.96 × 1.16 ≈ $537.04.