t answerAn item is sold for Rs.7130 making a 15% profit. What is the cost price (in Rs) of this item?
Question
t answerAn item is sold for Rs.7130 making a 15% profit. What is the cost price (in Rs) of this item?
Solution
Sure, let's solve this step by step.
Step 1: We know that the selling price (SP) is Rs. 7130 and the profit percentage is 15%.
Step 2: The formula to calculate the cost price (CP) when the selling price (SP) and profit percentage are given is: CP = SP * (100 / (100 + profit%))
Step 3: Substituting the given values in the formula, we get: CP = 7130 * (100 / (100 + 15))
Step 4: Simplifying the equation, we get: CP = 7130 * (100 / 115)
Step 5: Solving this, we get the cost price (CP) as Rs. 6200.
So, the cost price of the item is Rs. 6200.
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