Arun got 20% concession on the labeled price of an article and sold it for Rs.5000 with 15% profit on the price he bought. What was the labeled price ?
Rs.6750
Rs.5434.78
Rs.6485
Rs. 5454.88
Explanation:
From the question, we know that SP = Rs.5000 and Profit percentage = 15%
We know the formula that Profit percentage = Profit / CP x 100% = [(SP – CP) / CP] x 100%
Therefore, 15 = ((5000 – CP) / CP) x 100
Or, 15CP = (5000 – CP) x 100
Or, 115CP = 500000
Or, CP = Rs.4347.83
Let the labeled price be Rs.X
From question we know, Arun got concession of 20% from labeled price.
Therefore CP for Arun = Labeled price – 20% of Labeled price
Or, CP = X – 0.2X
But, we know CP = 4347.83
Therefore, 4347.83 = 0.8X
or X = 4347.83/0.8 = Rs. 5434.78
From the question, we know that SP = Rs.5000 and Profit percentage = 15%
We know the formula that Profit percentage = Profit / CP x 100% = [(SP – CP) / CP] x 100%
Therefore, 15 = ((5000 – CP) / CP) x 100
Or, 15CP = (5000 – CP) x 100
Or, 115CP = 500000
Or, CP = Rs.4347.83
Let the labeled price be Rs.X
From question we know, Arun got concession of 20% from labeled price.
Therefore CP for Arun = Labeled price – 20% of Labeled price
Or, CP = X – 0.2X
But, we know CP = 4347.83
Therefore, 4347.83 = 0.8X
or X = 4347.83/0.8 = Rs. 5434.78