Cost of an item is ` 50. It was sold with a profit of 12%. Find the selling price.
Question
Cost of an item is ` 50.
It was sold with a profit of 12%.
Find the selling price.
Solution
Sure, here's how you can calculate the selling price:
Step 1: Understand the problem The cost of the item is `50 and the profit percentage is 12%. We need to find the selling price.
Step 2: Calculate the profit
Profit is calculated as a percentage of the cost price. So, 12% of 50 is calculated as (12/100) * 50 = 6.
Step 3: Calculate the selling price
The selling price is the cost price plus the profit. So, 50 (cost price) + 6 (profit) = `56.
Therefore, the selling price of the item is `56.
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