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Question
Ranjan bought a Bike for ₹1,55,000 and he gained a profit of ₹5500 on reselling the same. What is the selling price of the bike?
Ranjan bought a Bike for ₹1,55,000 and he gained a profit of ₹5500 on reselling the same. What is the selling price of the bike?
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Solution
The correct option is B ₹160500
Cost price of the bike = ₹155000
Profit gained = ₹5500
Profit = Selling price – Cost price
Therefore, Selling price = Profit + Cost price
Selling price of the bike = ₹(155000 + 5500) = ₹160500
Cost price of the bike = ₹155000
Profit gained = ₹5500
Profit = Selling price – Cost price
Therefore, Selling price = Profit + Cost price
Selling price of the bike = ₹(155000 + 5500) = ₹160500
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