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Select the correct answerAn item is sold for Rs.7130 making a 15% profit. What is the cost price (in Rs) of this item?Options6125600062506200

Question

Select the correct answerAn item is sold for Rs.7130 making a 15% profit. What is the cost price (in Rs) of this item?Options6125600062506200

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Solution

To find the cost price of the item, we need to understand that the selling price is 115% of the cost price because a 15% profit was made.

So, if 115% of the cost price is Rs.7130, we can find 100% (which is the cost price) by setting up the following equation:

115/100 = 7130/cost price

Solving for the cost price gives us:

Cost price = 7130 * (100/115) = Rs.6200

So, the cost price of the item is Rs.6200.

This problem has been solved

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