The cost of an article was ₹15,500.₹450 were spent on its repairs.If it is sold for profit of 15% .Find the selling price of the article
Answers
The price at which a buyer purchases an article is called the cost price (CP) of the article for the buyer.
The price at which a seller sells an article is called the selling price (SP) of the article for the seller
When the selling price is more than the cost price of an article then there is a profit or gain.
Here ,
S.P>C.P
Profit= S.P – C.P
Profit%= (profit/C.P)×100
Overhead charges are included in the cost price.
Profit and loss are calculated on a certain percent of the C.P
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Solution:
Total CP = Cost price+ Overhead expenses(repairs)
Total CP = 15500 + 450 = ₹15950
Total CP=₹15950
Profit = CP x % profit
Profit = 15% of CP
Profit= (15/100) ×15950
= 15 ×159.5
Profit = ₹2392.50
Selling price = Cost Price + Profit
SP= 15950 + 2392.50
SP= ₹18342.50
Hence, the selling price of the article=₹18342.50
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