A man sold an article at a profit of 12%. If he had charged Rs.60 more his profit percentage would have been 30%. What is the C.P?
Question
A man sold an article at a profit of 12%.
If he had charged Rs.60 more his profit percentage would have been 30%.
What is the C.P?
Solution
Sure, let's solve this step by step.
Step 1: Let's assume the cost price of the article is Rs. x.
Step 2: According to the problem, the man sold the article at a profit of 12%. So, the selling price of the article is 112% of x, which is 1.12x.
Step 3: The problem also states that if he had charged Rs.60 more, his profit would have been 30%. So, the selling price would have been 130% of x, which is 1.3x.
Step 4: According to the problem, the difference between these two selling prices is Rs.60. So, we can set up the equation 1.3x - 1.12x = 60.
Step 5: Solving this equation gives x = 60 / 0.18 = Rs. 333.33.
So, the cost price of the article is Rs. 333.33.
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