Question

By selling an item for rs. 434 , ramesh makes a profit of 24 percent. What was the price at which ramesh purchase the item.

Answer 1

Hey,

SP = Rs 434

Profit % = 24 %

Let the CP be Rs X,

Profit % = Profit / CP * 100

24 = Profit / X *100

Profit = 24x / 100 .

Now,

SP = CP + Profit

434 = X + 24x / 100

434 = 124x / 100

X = 434 * 100 / 124

X = 350 .

So, The price at which Ramesh purchases the item ( CP ) is Rs 350 .

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Answer 2

The cost price of an item is Rs 350

Step-by-step explanation:

Given as :

The selling price of an item = s.p = Rs 434

The profit percentage of selling = p% = 24%

Let The cost price of an item = Rs c.p

According to question

Profit% = $\dfrac{Profit}{cost price}$ × 100

∵   Profit = Selling price - Cost price

Or. profit = s.p - c.p

Or, profit = Rs 434 - c.p

So,

Profit% = $\dfrac{Rs 434 - c.p}{c. p}$ × 100

Or, 24 % = $\dfrac{Rs 434 - c.p}{c. p}$

Or,  $\dfrac{24}{100}$  = $\dfrac{Rs 434 - c.p}{c. p}$

By cross multiplication

i.e    24 ×  c.p = 100 × (434 - c.p)

Or,  24 ×  c.p = 100 × 434 - 100 ×  c.p

Or,   24 ×  c.p +  100 ×  c.p  = 43400

Or,   (24 + 100)   ×  c.p  = 43400

Or,    124  ×  c.p  = 43400

∴                  c.p = $\dfrac{43400}{124}$

i.e                c.p = Rs 350

So, The cost price of an item = c.p = Rs 350

Hence, The cost price of an item is Rs 350 Answer