Question

A shopkeeper buys 80 articles for rupees 2400 and sells them for a profit of 16% to find the selling price of an article.

Answer 1

Hint: In this type of question first find the total profit which the shopkeeper gained using the profit percentage on cost price. Further find the total selling price adding the total profit to the cost price. Find the selling price of an individual article by dividing with the number of articles sold to get to the desired answer.

Cost Price (CP) of 80 articles= Rs 2400

Profit%= 16%

Profit in terms of rupees =$\dfrac{{16}}{{100}} \times 2400$ ( Since $profit =

\dfrac{{profit\% }}{{100}} \times CP$ )

= Rs 384

Since, Selling Price (SP) = CP + Profit

Hence , SP of 80 articles= Rs ( 2400+384 )

= Rs 2784

SP of one article= Rs $\dfrac{{2784}}{{80}} = Rs34.8$

Note: Remember to recall the formula of profit percentage to find the profit gained. Note that the profit is based on the cost price of the article. The cost price of an individual article can also be calculated in the first step and then profit can be applied on the individual article. This process will also give us accurate results.