Question

A briefcase was sold at a profit of 10%. If its cost price was 5% less and it was sold for Rs. 7 more, the gain would have been 20%. Find the cost price of the briefcase.

• A. Rs. 175
• B. Rs. 200
• C. Rs. 225
• D. Rs. 160

Answer 1

The correct option is A Rs. 175

Let the cost price = Rs.x
Price 5% less than cost price
$=\frac{95}{100}x$

Selling price when sold for Rs. 7 more
$=\frac{110}{100}x+7$

Given, $\frac{110}{100}x+7-\frac{95}{100}x=\frac{95x}{100}\times \frac{20}{100}\Rightarrow \frac{20}{500}x=7\therefore x=\frac{7\times 500}{20}=Rs.175$