Question

an item is usually sold at a profit of 24% during a sale all prices are reduced by 10% what will be the stores profit on that item sold during the sale?​

Answer 1

Answer:

I hope helpful you....

Step-by-step explanation:

You need to be precise about terminology. Assuming that the 24% is margin, not markup, here’s the math:

Let’s just call the normal price $10.00.

Margin = (price - cost)/price

Another way to say this is 100% - 24% = 76%. The cost is 76% of the price.

On a $10 product, the cost is $7.60.

Now, reduce the price by 10%. 10% of $10 is $1. so our new selling price is $9.

Our cost is still $7.60. So our margin in dollars is $9 - $7.60 = $1.40

$1.40/$9 = 15.6%.