Question

A shopkeeper sells a commodity at rs 1470 and earns 16 2/3 % profit. Find the cost price of that commodity

Answer 1

selling price=1470
means 100+16.67%=116.67%=1470
100%=(1470/116.67)×100=1259.96
hence cost price is 1259.96

Answer 2

The cost price of the commodity is Rs 1260.

Given:

A shopkeeper sells a commodity at Rs 1470.

He earns $16\frac{2}{3}$ % profit.

To Find:

We have to find the cost price of that commodity.

Solution:

Selling price= rs 1470 and the profit is $16\frac{2}{3}$ % = $\frac{50}{3}$ %

Let us assume the cost price is Rs $x$.

Therefore, the selling price is Rs $x + (\frac{50x}{3}/100)$

                                               = Rs $x + \frac{x}{6}$

                                               = Rs $\frac{7x}{6}$

Again, according to the question,

                                                $\frac{7x}{6}=1470$

                                            ⇒ $x=1470* \frac{6}{7}$

                                            ⇒$x= 210*6 =1260$

Hence, the cost price of that commodity is Rs 1260.

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