Select the correct answerAn item is sold for Rs.7130 making a 15% profit. What is the cost price (in Rs) of this item?Options6000625062006125
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?Options6000625062006125
Solution
To find the cost price of the item, we need to understand that the selling price is made up of the cost price and the profit.
Given: Selling Price (SP) = Rs. 7130 Profit Percentage = 15%
We know that: SP = Cost Price (CP) + Profit
And Profit is calculated as a percentage of the cost price, i.e., Profit = (Profit%/100) * CP
So we can write the equation as: SP = CP + (Profit%/100) * CP
Rearranging the equation to find CP gives us: CP = SP / (1 + Profit%/100)
Substituting the given values: CP = 7130 / (1 + 15/100) CP = 7130 / 1.15 CP = Rs. 6200
So, the cost price of the item is Rs. 6200.
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