A shopkeeper sold goods for Rs. 2000 at a profit of 25%. Find the cost price for the shopkeeper.
Question
A shopkeeper sold goods for Rs. 2000 at a profit of 25%. Find the cost price for the shopkeeper.
Solution
Sure, here is the step by step solution:
Step 1: Understand the problem The shopkeeper sold goods for Rs. 2000 at a profit of 25%. We need to find the cost price.
Step 2: Use the formula for profit The formula for profit is: Selling Price = Cost Price + Profit
Step 3: Rearrange the formula to find the cost price Cost Price = Selling Price - Profit
Step 4: Calculate the profit The profit is 25% of the selling price. So, Profit = 25/100 * 2000 = Rs. 500
Step 5: Substitute the values into the formula Cost Price = 2000 - 500 = Rs. 1500
So, the cost price for the shopkeeper is Rs. 1500.
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