A trader sells an article at 16% below its cost price. Had he sold it for Rs 192.20 more, he would have gained 15%. The cost price (in Rs) of the article is:
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 620.
Let the CP = 100x.
The selling price of an item when he sold the article at 16% below CP = 100x - 16x = 84x
The selling price of an item if he gained 15% = 100x + 15x = 115x
According to the question,
115x - 84x = 192.20
31x = 192.2
x = 6.2
CP = 100 × 6.2 = 620.