Question

An item is sold for ₹3000 with a profit for 10%. Find the cost price of the item.

Answer 1

The cost of an item is 100% and it was sold at 20% loss that means it was sold at 80%.had it been sold at 3000 more it would have earned 10% profit that means amount recovered will be 110%.

That means for 30,%(110–80) we are earning 3000 so for 100% the value will be 3000/0.3(30%)the answer is 10000

Cross check

Cost is 10000 if it sold at 80%0means at 8000

If it was sold for 3000 more that means 8000+3000 =11000

Profit is 1000 i.e10%

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