By selling an article for Rs 1,12,000

Question:

By selling an article for Rs 1,12,000 a girl gains 40%. The cost price of the article was _______

Solution:

Rs.80000

Explanation: Selling price of the article = ₹112000

Gain% = 40%

Say, x is the cost price of the article.

Since, cost price = selling price – profit % on cost price

Therefore, Selling price = cost price + profit % on cost price

Hence,

112000 = x + x × (40/100)

112000 = x + (2/5)x

112000 = 7x/5

x = (112000 × 5)/7

x = 80000

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