http://www.stampcollectioninfo.com/cent-james/
By how much should he reduce the price of an apple?
James buy an apple at 20 cents each and sells each for 30 cents. He decided to reduce his price so that his profit percentage will be from 33 1/3% to only 20%.
= 30 - (20/[1 - 0.2])
= 30 - (20/0.8)
= 30 - 25
= 5
Answer: 5 cents each apple should be the price reduction.
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