While cultivating a small farm, a farmer spent $50 on corn seeds, $35 on fertilizers and pesticides, and $15 on labor. After a successful harvest, he was able to gather 10 bags of corn. How much should he sell each bag, if he wants to make a profit of 10%?
His total expenditure so far is $50+$35+$15 = $<<50+35+15=100>>100
To make a profit of 10%, he has to make a total of $100+($100*(10/100) = $<<100+(100*(10/100))=110>>110 from sales
To make $110 from the sales of 10 bags, each bag should cost $110/10 = $<<110/10=11>>11
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