An item is sold for Rs.7130 making a 15% profit. What is the cost price (in Rs) of this item?Options6200612560006250
Question
An item is sold for Rs.7130 making a 15% profit. What is the cost price (in Rs) of this item?Options6200612560006250
Solution
To find the cost price, we need to understand that the selling price is 115% of the cost price because a 15% profit was made.
Step 1: Express the selling price as 115% or 115/100. So, 1% of the cost price = Selling price / 115 = Rs.7130 / 115 = Rs.62
Step 2: To find the cost price (which is 100%), multiply the value of 1% by 100. So, cost price = Rs.62 * 100 = Rs.6200
So, the cost price of the item is Rs.6200.
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