electric bicycle is sold Rs. 15300 to earn a profit of 3 %. What should be the Selling price of the electric bicy such that a profit of 7 % is achieved?
Question
electric bicycle is sold Rs. 15300 to earn a profit of 3 %. What should be the Selling price of the electric bicy such that a profit of 7 % is achieved?
Solution
Sure, let's solve this step by step.
Step 1: First, we need to find the cost price of the electric bicycle. We know that the selling price is Rs. 15300 and this includes a profit of 3%. So, the cost price would be 100% of the price. We can set up the equation as follows:
15300 = 103% of cost price
To find the cost price, we can rearrange the equation to:
Cost price = 15300 / 1.03
Step 2: Calculate the cost price:
Cost price = Rs. 14854.37 (approximately)
Step 3: Now, we want to find the selling price for a profit of 7%. We can set up the equation as follows:
Selling price = 107% of cost price
Step 4: Calculate the new selling price:
Selling price = 1.07 * 14854.37
Selling price = Rs. 15893.68 (approximately)
So, the selling price of the electric bicycle should be approximately Rs. 15893.68 to achieve a profit of 7%.
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