Question

The cost of an article was ₹15,500. ₹450 were spent on its repairs. If it is sold for a profit of 15%, find the selling price of the article.

Answer 1

Step 1: Calculating the total cost including repairs

Given,
Cost of an article = ₹15,500
Overhead expenses = ₹450
Profit percent = 15%
∴ Total cost of an article = Cost + Overhead expenses
= ₹(15,500 + 450)
= ₹15,950

Step 2: Calculatng the profit.
Profit percent $=\left(\frac{\text{Profit}}{\text{C.P}}\right)\times 100$
$\Rightarrow 15\text{\%}=\left(\frac{\text{Profit}}{15,950}\right)\times 100$
$\Rightarrow \text{Profit}=\frac{15\times 15,950}{100}=₹2,392.50$

Step 3: Calculating the selling price.
Selling price of one article = C.P. + Profit
= ₹(15,950 + 2,392.50)
= ₹18,342.50
Thus, selling price of one article is ₹18342.50.