Question

A person sells a table at a profit of 10, had he bought at 5 and sold for 80 more

Answer 1

Let CP1 and SP1 be the cost price and selling price respectively in original case and CP2 and SP2 be the cost price and selling price in 2nd case.

Rs. 56 is the selling price in 2nd case where profit is 30%.

Now, we all know, Profit = SP - CP or in other words, CP + Profit = SP.

Also, profit is always measured as a % of the CP.

Hence, CP2 + 30% CP2 = Rs. 56

Hence, 130% of CP2 = Rs. 56

Hence, CP2 = Rs. 56*100/130

But CP2 is 20% less than CP1.

Which means CP2 = 80% CP1

Hence, CP1 = CP2*100/80 = 56*(100/130)*(100/80)

Therefore, CP1 = 700/13 = Rs. 53.87 (correct to 2 decimals).