If an article is sold for Rs. 96 at a loss of 20%, what was its cost price?
Show answer & explanation
Correct answer: C
Explanation
Given:
Selling Price = ₹96
Loss = 20%
According to the formula:
Selling Price = Cost Price × (100 − Loss %) / 100
96 = Cost Price × 80 / 100
Cost Price = 96 × 100 / 80 = 120
Cost Price = ₹120