Question 5

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Jambmaths question: 

A man made a profit of 5%when he sold an article for N60, 000. How much would he have to sell the article to make a profit?

Jamb Maths Solution: 

$\begin{align}  & \text{Let the cost price be }x \\ & \text{Selling price }=\text{N6}0,000 \\ & \text{Profit }=\text{Selling price}\text{Cost Price} \\ & \text{Profit }=\text{N6}0,000x \\ & \text{Percentage Profit =}\frac{\text{Profit}}{\text{Cost Price}}\times 100percent \\ & \frac{5}{100}=\frac{60,000-x}{x} \\ & 0.05x=60,000-x \\ & 1.05x=60,000 \\ & x=\frac{60,000}{1.05}=57,142.86 \\ & \text{For 26percent profit} \\ & \frac{26}{100}=\frac{\text{Selling Price}-57,142.87}{57,142.87} \\ & 0.26\times 57,142.87=\text{Selling Price}-57,142.87 \\ & 14857.1462=\text{Selling Price}-57,142.87 \\ & \text{Selling Price}=57,142.87+14857.1462 \\ & \text{Selling Price}=72000.0162 \\ & \text{Selling Price}\approx N72,000 \\\end{align}$

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