Gce Model Questions Vol1 2019 Commerce Question 29
Practice objective / multiple choice question 29 from the 2019 Gce Model Questions Vol1 Commerce examination.
A retailer purchases 200 items for a total cost of \(\text{₦}48,000\) (unit cost = \(\text{₦}240\)). He intends to apply a markup of \(m\)% on the unit cost to obtain the selling price before any discount. He then offers a promotional discount of 12\% on this selling price, and a VAT of 7.5\% is added to the discounted price for the consumer. The retailer wants a net profit margin of 15\% on his unit cost after the discount (the VAT is passed to the tax authority and does not affect his profit). What markup percentage \(m\) should he use (to one decimal place) to achieve this profit target?
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About This Question
This is Gce Model Questions Vol1 2019 Commerce Question 29. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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