A man bought a second-hand photocopying machine for N34,000. He serviced it at a cost of N2,000 and then sold it at a profit of 15%. What was the selling price?
The correct answer is C. N41,400
To calculate the selling price, we need to follow these steps:
1. Find the total cost: It includes the purchase price and the cost of servicing.
2. Calculate the profit amount.
3. Add the profit amount to the total cost to get the selling price.
Given information:
- Purchase price = N34,000
- Cost of servicing = N2,000
- Profit percentage = 15%
Let's go step by step:
1. Total cost = Purchase price + Cost of servicing
Total cost = N34,000 + N2,000 = N36,000
2. Profit amount = Profit percentage × Total cost
Profit amount = 0.15 × N36,000 = N5,400
3. Selling price = Total cost + Profit amount
Selling price = N36,000 + N5,400 = N41,400
The correct answer is N41,400.
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