The profit become 60%if it had been sold for $16.
According to the statement
we have to find the profit when the article had been sold for $16.
So, For this purpose, we know that the
Profit is the excess of returns over expenditure in a transaction or series of transactions especially.
And,
The given information is When an article was sold for $14 the profit was 40%.
So,
When an article was sold for $14 the profit was 40%.
Then, the cost of the article will be $10.
If the article is sold for $16.
Then profit will be:
Profit = Selling price - cost price / cost price * 100
Substitute the values in it then
Profit = 16 - 10 / 10* 100
Profit = 6/ 10 *100
then
Profit become 60%.
So, The profit become 60%if it had been sold for $16.
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