A trader made a profit of 3 naira 50kobo on a shirt he bought for 28 naira. How much would he make at the same rate on goods which he brought for 42 naira
To find out how much the trader would make at the same rate on goods that he bought for 42 naira, we first need to determine the rate of profit on the shirt.
The rate of profit is given by the equation:
Profit = Selling Price – Cost Price
In this case, the profit on the shirt is given as 3 naira 50 kobo and the cost price is 28 naira. We can substitute these values into the equation:
3.50 = Selling Price – 28
To find the selling price, we rearrange the equation:
Selling Price = 28 + 3.50 = 31.50 naira
Now, we can apply the same rate of profit to goods which were bought for 42 naira:
Profit = Selling Price – Cost Price
Profit = 31.50 – 42 = -10.50 naira
Therefore, the trader would make a loss of 10 naira 50 kobo on goods bought for 42 naira using the same rate of profit.