A seller made a profit of ₹150 on an article. If the profit percentage was 15%, what was the cost price of the article (in ₹)?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. ₹1000.
Let teh cost price and selling price of the article be CP and SP.
Given, SP - CP = 150
Also, CP × 115/100 = SP
⇒ CP × 115/100 = 150 + CP
⇒ 23CP = 3000 + 20CP
⇒ 3CP = 3000
⇒ CP = 1000