Question

A shopkeeper buys $80$ similar articles for $₹2400$ and sells them at a profit of $16$%. Find the selling price of each article.
[2 Marks]

Answer 1

Since there is a profit, hence selling price > cost price

Profit% $=16$%
∴ Profit $=\frac{16}{100}\times 2400=384$

So, Selling price $=$ Cost price + Profit $=₹(384+2400)=₹2784$
(1 Mark)

Total number of articles bought $=80$
So, the S.P. of each article $=\frac{2784}{80}$
$=₹34.8$
(1 Mark)