The cost of an article was ₹ 15,500. ₹ 450 was spent on its repairs. If it is sold for a profit of 15%, find the selling price of the article.
Question
The cost of an article was ₹ 15,500. ₹ 450 was spent on its repairs. If it is sold for a profit of 15%, find the selling price of the article.
Solution
Sure, here are the steps to solve the problem:
Step 1: First, we need to find the total cost of the article. The total cost is the original cost plus the cost of repairs. So, ₹15,500 + ₹450 = ₹15,950.
Step 2: Next, we need to calculate the profit. The profit is 15% of the total cost. So, 15/100 * ₹15,950 = ₹2,392.5.
Step 3: Finally, we find the selling price by adding the profit to the total cost. So, ₹15,950 + ₹2,392.5 = ₹18,342.5.
Therefore, the selling price of the article is ₹18,342.5.
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