'Getting original value back after percentage increase?
I am a store owner.
The bank deducts 10%
How can I set my prices to be 10% extra.
e.g
Product costs $34
Add 10% and send $37.40 to the bank, then bank deducts 10% of $37.40, leaving the store with only $33.70, while 10% deduction should leave the store with $34
How much additional to add to the $34 so that the deduction leaves $34.
The best I can do is
34 + 10% = result
result + 1% = value to send to bank
value send to bank - 10% and roundup = 34
Needing commonly used formula.
Thanks in advance
Solution 1:[1]
Use this:
bank price = intial price * 1.12
Example
37.74 = 34 * 1.12
I suggest adding 12% to the price
Solution 2:[2]
As 37.40 is 110% of the original price, you need to deduct 10/110 = 1/11 to get back to 34.00
Sources
This article follows the attribution requirements of Stack Overflow and is licensed under CC BY-SA 3.0.
Source: Stack Overflow
| Solution | Source |
|---|---|
| Solution 1 | Dean Van Greunen |
| Solution 2 | The Thonnu |