A trader made a profit of 3.50 naira on shirts he bought for 28.000 naira how much profit would he Make at the same rate on goods.which he bought for 242 naira
To find the profit at the same rate, we can set up a proportion:
Profit on shirts / Cost of shirts = Profit on goods / Cost of goods
We know that the profit on shirts is 3.50 naira and the cost of shirts is 28,000 naira. Let's plug those values into the proportion:
3.50 / 28,000 = x / 242
To solve for x, we can cross multiply:
3.50 * 242 = 28,000 * x
846 = 28,000 * x
To isolate x, divide both sides of the equation by 28,000:
846 / 28,000 = x
x ≈ 0.0302
So, the trader would make a profit of approximately 0.0302 naira on goods that he bought for 242 naira.
To find out how much profit the trader would make at the same rate on goods he bought for 242 naira, we need to calculate the profit per naira ratio.
Profit per naira = Profit / Cost
In the given scenario, the trader made a profit of 3.50 naira on shirts he bought for 28,000 naira. Hence,
Profit per naira = 3.50 / 28,000
To find the profit on goods he bought for 242 naira, we multiply the profit per naira ratio by the cost of the goods.
Profit = Profit per naira * Cost
Profit = (3.50 / 28,000) * 242
Let's calculate the profit:
Profit = 0.000125 * 242
Profit ≈ 0.0305 naira
Therefore, the trader would make a profit of approximately 0.0305 naira on the goods he bought for 242 naira at the same rate.