Question

Ramu sold a plot of land for Rs 240000 gaining 20%. For how much did he purchase the plot?

Answer 1

Selling Price (S.P.) = Rs 240000

Cost Price (C.P.) = ?

Profit Percent = 20%

Profit Percent $=\frac{Profit}{(C.P.)}\times 100$

$20=\frac{S.P.-C.P.}{C.P.}\times 100$

$20=\frac{240000-C.P.}{C.P.}\times 100$

$C.P.=\frac{240000-C.P.}{20}\times 100$

C.P. = (240000 – C.P.) $\times$ 5

C.P. = 1200000 – 5 C.P.

6 C.P. = 1200000

C.P. = Rs 200000

Thus, Ramu purchase the plot at Rs 200000.