A man bought a second-hand photocopying machine for N34,000. He serviced is at a cost od N2,000 and then sold it i profit of 15%. What was the selling price...

A man bought a second-hand photocopying machine for N34,000. He serviced is at a cost od N2,000 and then sold it i profit of 15%. What was the selling price?

Answer Details

To find the selling price of the photocopying machine, we need to first calculate the profit the man made. He bought the machine for N34,000 and spent an additional N2,000 on servicing it, which brings his total cost to N36,000. He then sold the machine for a profit of 15%, which means he earned 15% of his cost as profit. To calculate the profit, we can use the formula: Profit = (Profit Percentage/100) * Cost Price Substituting the given values, we get: Profit = (15/100) * 36,000 Profit = 5,400 Therefore, the man made a profit of N5,400. To find the selling price, we can add the profit to the cost price: Selling Price = Cost Price + Profit Selling Price = 36,000 + 5,400 Selling Price = 41,400 Therefore, the selling price of the photocopying machine was N41,400. Therefore, the correct option is: N41,400