Find the cost price of a bag that is sold for rupees 1150 at a profit of 15% by TYPE 2
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977.5rs.
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GIVEN
We are given that a bag is sold for Rs.1150 and a profit of 15% is gained
Selling price ( SP) = Rs.1150
%profit = 15%
TO FIND
We need to find the Cost price (CP) of the bag
FORMULA
We can calculate the Cost price of the by using the %profit formula .
%profit = (SP - CP /CP ) × 100
SOLUTION
Now , we calculate the cost price of the bag
==> 15 = [1150 - CP / CP] × 100
==> 15/100= [1150 - CP / CP]
==> 3CP = 23,000 - 20CP
==> 23CP = 23,000
==> CP = Rs.1000
The cost price of the bag is Rs.1000
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