A seller sold a bag at a profit of 12%. If he had sold it for ₹900 more, he would have gained 27%. What is the CP of the bag?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. ₹6,000.
Let the Cost Price (CP) be ₹x
According to the question:
Selling Price at 12% profit = x + 12% of x = 1.12x
Selling Price at 27% profit = x + 27% of x = 1.27x
Now,
1.27x − 1.12x = ₹900
0.15x = 900
x = 900 / 0.15 = ₹6000