What is the cost price of a good sold for 2,500 naira at the profit of 20%
To find the cost price, we need to use the formula:
Cost price = Selling price / (1 + (Profit % / 100))
In this case:
Selling price = 2,500 naira
Profit % = 20%
Substituting these values:
Cost price = 2,500 / (1 + (20/100))
Cost price = 2,500 / 1.2
Cost price = 2,083.33 naira
Therefore, the cost price of the good is 2,083.33 naira.
To calculate the cost price of a good sold at a profit of 20%, we need to use the formula:
Cost price = Selling price / (1 + Profit percentage)
Using the given information:
Selling price = 2,500 naira
Profit percentage = 20%
Let's plug in these values into the formula:
Cost price = 2,500 / (1 + 0.20)
Cost price = 2,500 / 1.20
Cost price ≈ 2,083.33 naira
Therefore, the cost price of the good sold at a profit of 20% is approximately 2,083.33 naira.