Stephen imports cars from the USA. He sells them in the UK. He has just bought a car in the USA costing $24 000. It cost him £900 to import the car to the UK. The exchange rate is £1 = $1.45. Stephen needs to make a profit of 20% on his total costs. Work out the least amount that Stephen must sell the car for in the UK. Give your answer in pounds.

£20942.04

Step-by-step explanation:

The total cost of the car includes its purchasing price and the cost of importing it into the UK.

Cost of the car in pounds = 24000/1.45 =  £16,551.7

Total cost of the car = £16,551.7 + £900 = £17,451.7

If the profit made is 20%

Then;

Profit % = selling price - cost price/cost price * 100/1

Let selling price = SP

Cost price = CP

20 = SP - CP/CP  * 100/1

20 = SP - 17,451.7/17,451.7 * 100/1

17,451.7 (20) = 100(SP - 17,451.7)

349034 = 100SP - 1745170

349034 + 1745170 = 100SP

2094204 = 100SP

SP = £20942.04