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A business purchased goods on credit for $10,000; half the goods purchased were sold for cash at a mark-up of 120%. Sales commission of 5% was payable on this transaction. All takings were banked. What was the net profit arising as a result of entering into these transactions?
Answer in the Book: $700.
I do not agree with the answer in the book. My answer is $5,450. Please kindly confirm this sir.
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