Question

A man sold an article for Rs. 2400 thus making a profit of 20$\%$. Find the cost price of the article.

Answer 1

Given that,

A man sold an article for $Rs.2400$ and made a profit of $20\%$.

To find out,

The cost price of the article.

Let the cost price of the article be $Rs.x$

We know that, $C.P.=\frac{100\times S.P.}{100+profit\%}$

Here, $S.P.=Rs.2400$ and $profit\%=20$

Hence, $C.P.=\frac{100\times 2400}{100+20}$

$=\frac{240000}{120}$

$=Rs.2000$

Hence, the cost price of the article was $Rs.2000$.