if an item is sold for 1800at a profit 20% then the coast price is ?
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GIVEN
We are given that an item is sold for Rs.1800 at a profit of 20%
TO FIND
We need to find the cost price of the item.
METHOD
We need to find the cost price of item , for that we can use the formula of %profit.
FORMULA
Cost price can be calculated from the %profit formula
%profit = Selling Price - Cost price / Cost price × 100
%profit = SP - CP / CP × 100
SOLUTION
%Profit = 20%
S.P = Rs.1800
==> 20 = [1800 - CP / CP] × 100
==> 1/5 = [1800 - CP / CP]
==> CP = 9000 - 5CP
==> 6CP = 9000
==> CP = Rs.1500
Therefore the Cost Price of the item = Rs. 1500
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