The selling price of a mobile phone is Rs 59,620 and it was sold at 8.4% profit. The cost price (in Rs) of the mobile phone is:
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 55000
The selling price of a mobile phone is Rs. 59,620 and it was sold at 8.4% profit.
Selling price = Cost price + cost price × profit%
Let the cost price of the mobile phone be Rs. 100x.
100x + 100x × 8.4% = 59620
108.4x = 59620
x = 59620/108.4
x = 550
So, cost price = 100 × 550 = Rs. 55000