A mechanic buys an old iron and spend Rs 14 on repairing it. if he earns 25 percent profit on selling the iron at Rs 150 at what price had he bought the iron
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Let cost price is 100%
getting 25% profit means he sold on 125% that is equal to 150rs
125% = 150 then 100% = (150/125)×100 = 120rs
because he spend 14 rs also so actual value of old iron is 120-14 = 106rs
getting 25% profit means he sold on 125% that is equal to 150rs
125% = 150 then 100% = (150/125)×100 = 120rs
because he spend 14 rs also so actual value of old iron is 120-14 = 106rs
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I guess he bought it at₹106 because cp is coming as 120
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