A shopkeeper buys an article at 70% of its printed price.He spends $40 on transport of the article.After charging Sales tax at the rate of 10% on the printed price ,he sells the article for $7040.Find his profit as cent to the nearest integer.
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The item has an unknown printed price of x.
He bought it at 40% of the printed price, so he bought it for 40% of x, or 0.4x
He paid $40 shipping, so the total amount he paid was 0.4x + 40
Then he sold it for the printed price plus 10% tax.
He sold it for $7040.
Since he sold it with a 10% tax added, with tax, the total sale price was 110% of the printed price.
110% of x = $7040
1.1x = 7040
The equation above let's you solve for x, the printed price.
Once you find x, substitute x in 0.4x + 40 to find out how much the item cost the shopkeeper.
Then subtract x minus the cost to find his profit.