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

The man bought a photocopying machine for N34,000 and then serviced it at a cost of N2,000. Therefore, his total cost becomes N34,000 + N2,000 = N36,000. He sold it at a profit of 15%. Profit is calculated as a percentage of the cost price. So, his profit is 15/100 x N36,000 = N5,400. To find the selling price, we add the profit to the cost price: Selling price = Cost price + Profit Selling price = N36,000 + N5,400 Selling price = N41,400 Therefore, the selling price is N41,400.