Question

Find the cost price when Selling price=72, profit 20%.

Answer 1

Step-by-step explanation:

Profit is 20%.

There can be two possible answer to this question. One assuming that profit is 20% of cost and another assuming that profit is 20% of selling price.

Assumption 1: profit is 20% of selling price

SP= 72

profit= 20% of 72 = 14.4

Cost price= ( 72-14.4)= 57.6

Assumption 2: profit is 20% on cost

SP= 72

let cost be X

profit = 20% of X= 0.2X

SP= cost+ profit= (X+ 0.2X)

= 1.2X= 72

= X= 72/1.2= 60

cost price is 60

Answer 2

Step-by-step explanation:

Hints : SP = Selling Price.

Hints : SP = Selling Price. CP = Cost Price.

Profit = SP - CP

Profit = 20%

Profit = 20/100

20/100 = 72 - CP

CP = 72 - 20/100

CP = 72 - 2/10

CP = ( 720 - 2 ) / 10

CP = 718 / 10

CP = 71.8