Rahul sells an article at 8% above its cost price. If he had bought it at 5% less than what he had paid for it and sold it at ₹8 less, he would have gained 12%. Find the cost price of the article.
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. ₹500.
Let the cost price of the article = x
So, 0.95x × 1.12 = 1.08x - 8
⇒ 1.064x = 1.08x - 8
⇒ 0.016x = 8
⇒ x = 8/0.016 = 500