Question 73

An item was sold for ₹500. If the selling price was 10% less, then the profit would have been 12.5%. What is the cost price of the item?

Solution

An item was sold for ₹500. If the selling price was 10% less, then the profit would have been 12.5%.

Let's assume the cost price is ₹8y.

500 of (100-10)% = 8y of (100+12.5)%

500 of 90% = 8y of 112.5%

450 = 9y

y = 50

cost price of the item = 8y = $$8\times50$$ = ₹400

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