Question

A shopkeeper buys 80 articles for ₹2,400 and sells them for a profit of 16%. Find the selling price of one article.

Answer 1

No. of articles = 80
Cost Price of articles = ₹2,400 and Profit = 16%
$\because$ If the cost price of articles is ₹100, then selling price = ₹100 + ₹16 = ₹116.
$\therefore$ If the cost price of articles is ₹1, then the selling price = $\frac{116}{100}$
$\therefore$ Now, if the cost price of articles is ₹2,400, then the selling price = $\frac{116}{100}\times 2,400=₹2,784$
Hence, the selling price of 80 articles = ₹2,784
Therefore selling price of 1 article =$\frac{2,784}{80}=₹34.80$