JAMB Mathematics 2008 Objective — Question 44

Question 44 of 50 from the Joint Admissions and Matriculation Board (JAMB) Mathematics 2008 Objective paper, with the correct answer and a full explanation.

A man makes a profit of 5% when he sold an article for #60,000.00. How much would he have to sell the article to make a profit of 26%?

A. #72,000
B. #70,000Correct
C. #68,000
D. #65,000

Explanation

If 5% profit gives selling price N60,000, then cost price = 60000/1.05 approximately N57,143. For 26% profit: S.P = 57143 x 1.26 approximately N70,000.

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