The selling price of an article is Rs. 118 and the profit earned is 50%. The cost price of the article is?
- 77.00
- 80.00
- 78.66
- 68.79
Explanation
To solve this problem, you need to use the concept of profit percentage and the formula:
Profit = Selling Price - Cost Price
Given:
Selling Price = Rs. 118
Profit = 50% of Cost Price
Let's calculate the Cost Price:
Profit = (50/100) x Cost Price
Profit = Rs. 118 - Cost Price
Substitute the profit value:
(50/100) x Cost Price = Rs. 118 - Cost Price
Simplify and solve for Cost Price:
Cost Price = Rs. 78.66
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