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Question
On selling an article for Rs. 2,640, a profit of 10 percent is made. Find
- cost price of the article
- new selling price of it, in order to gain 15%
Solution
We know the relationship: `SP = CP xx (1+ ("Profit" %)/100)`
`2640 = CP xx(1+10/100)`
Simplify: 2,640 = CP × 1.1
`CP = 2640/1.1=2400`
For a 15% profit, the relationship is:
New `SP = CP xx (1+ ("Profit" %)/100)`
New `SP = 2400 xx (1+ 15/100)`
New SP = 2,400 × 1.15 = 2,760
- Cost Price: Rs. 2,400
- New Selling Price: Rs. 2,760
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