A person sold an article for 30% profit, If he had Bought it for 10% less he would have reduced price by Rs.330 and earns a profit of 20%. What is the cost price of an Article?Options14001600155017001500
Question
A person sold an article for 30% profit, If he had Bought it for 10% less he would have reduced price by Rs.330 and earns a profit of 20%. What is the cost price of an Article?Options14001600155017001500
Solution
Let's solve this step by step:
Step 1: Let's assume the cost price of the article is x.
Step 2: According to the problem, the person sold the article for a 30% profit. So, the selling price of the article is 130% of x, which is 1.3x.
Step 3: The problem also states that if the person had bought the article for 10% less, the cost price would have been 90% of x, which is 0.9x.
Step 4: In this case, the person would have sold the article for 20% profit. So, the selling price would have been 120% of 0.9x, which is 1.08x.
Step 5: According to the problem, the difference between the two selling prices is Rs. 330. So, we can set up the equation 1.3x - 1.08x = 330.
Step 6: Solving this equation gives x = 330 / 0.22 = 1500.
So, the cost price of the article is Rs. 1500.
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