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

CodePudding user response：

Use this:

bank price = intial price * 1.12

Example 37.74 = 34 * 1.12

I suggest adding 12% to the price

CodePudding user response：

As 37.40 is 110% of the original price, you need to deduct 10/110 = 1/11 to get back to 34.00