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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?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

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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.

This problem has been solved

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