Question:
By selling an article for Rs 1,12,000 a girl gains 40%. The cost price of the article was _______
Solution:
Rs.80000
Explanation: Selling price of the article = ₹112000
Gain% = 40%
Say, x is the cost price of the article.
Since, cost price = selling price – profit % on cost price
Therefore, Selling price = cost price + profit % on cost price
Hence,
112000 = x + x × (40/100)
112000 = x + (2/5)x
112000 = 7x/5
x = (112000 × 5)/7
x = 80000