Question

37. If a shopkeeper sells a shirt for $7 more, his profit
increases from 12% to 17%. What is the cost of the
shirt to the shopkeeper?
A) $70 B) $125 C) $140 D) $280 E) $350
​

Answer 1

Answer:

Let the cost be $100x

12% profit means selling price is $112x

(112x + 7)/ 100x = 1.17

112x +7 = 117x

5x = 7

x = 7/5

100x = $140 = cost ANSWER

CHECK

140 x 1.12 =$ 156.80

156.80 + 7 = $163.80

Profit = 163.80-140 = $23.80

23.80/ 140 X 100 = 2380/140 = 17%