An article was sold for Rs. 2770. Had it been sold for Rs. 3000 there would have been an additional gain of 10%. Cost Price of the article is:
Question
An article was sold for Rs. 2770. Had it been sold for Rs. 3000 there would have been an additional gain of 10%. Cost Price of the article is:
Solution
To solve this problem, we first need to understand that the additional gain of 10% would have been achieved if the article was sold for Rs. 3000 instead of Rs. 2770. This means that the difference in price, Rs. 3000 - Rs. 2770 = Rs. 230, represents the additional 10% gain.
Step 1: Calculate the difference in selling price Rs. 3000 - Rs. 2770 = Rs. 230
Step 2: Understand that this difference represents the additional 10% gain So, Rs. 230 = 10% of Cost Price
Step 3: Calculate the Cost Price If Rs. 230 is 10% of the Cost Price, then the Cost Price (CP) can be calculated as: CP = Rs. 230 / 10% = Rs. 2300
So, the Cost Price of the article is Rs. 2300.
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