A hi-fi set was purchased for RM7000.The hi-fi set will be resold by offering an 8% discount.If the retailer wants a 18% gross profit based on the net retail price,find the list price.
To find the list price, we can follow these steps:
Step 1: Calculate the net retail price after applying the discount.
Net retail price = Purchase price - Discount
= RM7000 - (8% of RM7000)
= RM7000 - (0.08 * RM7000)
= RM7000 - RM560
= RM6440
Step 2: Calculate the gross profit.
Gross profit = 18% of the net retail price
= 18% of RM6440
= (0.18 * RM6440)
= RM1159.20
Step 3: Calculate the list price.
List price = Net retail price + Gross profit
= RM6440 + RM1159.20
= RM7599.20
Therefore, the list price of the hi-fi set is RM7599.20.