A shopkeeper buys 80 articles for ₹ 2,400 and sells them for a profit of 16%. Find the selling price of one article.
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Explanation:
Solution:
No. of articles = 80
Cost Price of articles = Rs. 2,400And Profit
= 16%
\because∵ Cost price of articles is Rs.100, then selling price = 100 + 16 = Rs.116
\therefore∴ Cost price of articles is Rs.1, then selling price = \frac{116}{100}
100
116
\therefore∴ Cost price of articles is Rs.2400, then selling price = \frac{116}{100}\times2400=Rs.\ 2784
100
116
×2400=Rs. 2784
Hence, Selling Price of 80 articles = Rs.2784
Therefore Selling Price of 1 article
= \frac{2784}{80}=Rs.\ 34.80
80
2784
=Rs. 34.80
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