Question

An article was sold at a profit of 5%. If it has sold for 24 dollars more, there would have been a profit of 8%. What was the cost price of the article?

I know the answer is 800 dollars, but i need the explanation. Thank you for ur help <3

Answer 1

Answer:

We know that cost price = selling price - profit

cost price = selling price - profit% × cost price/100

cost price + profit% × cost price/100 = selling price

cost price(1 - profit%)/100 = selling price

cost price(100 + profit%)/100 = selling price

Also, cost price = selling price × 100/100 + profit% (on cross multiplication);

Here, selling price and loss% is known.

you solve with the help of this methods