Question

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

Answer 1

Hint: Firstly, calculate the total cost price of an article. It will be the addition of the base price and it’s the cost of repair. Profit on any article can be given as, for the article let \[x\% \] be the profit percentage, so the profit can be calculated as \[(\dfrac{x}{{100}})(C.P)\], and the selling price of an article is calculated as, \[S.P = C.P + profit\]. Thus, the required answer will be obtained.

Complete step by step Answer:

As per the given information, the cost price of an article was Rs 15,500, Rs.450 were spent on its repairs. If it is sold for a profit of \[15\% \]
The total cost price if an article is given as,
\[
  C.P = {\text{ }}Rs.\;(15500 + 450)\; \\
   = {\text{ }}Rs.\;15,950 \\
 \]
The profit can be calculated as using the cost price of an article is given as,
Profit \[ = (\dfrac{x}{{100}})(C.P)\]
On simplification we get,
\[\therefore \;Profit{\text{ }}\left( {Rs.} \right){\text{ }} = \;\dfrac{{15}}{{100}} \times 15,950 = 2392.5\]
Thus, the total selling price of an article is given as,
\[
  Selling\;Price\; = \;Cost\;Price\; + \;Profit \\
  \therefore \;Selling{\text{ }}Price{\text{ }} = \;15950 + 2392.5 = Rs.18342.5 \\
 \]
Hence, the selling price of an article is Rs 18342.5

Note: Cost Price: The price at which an article is purchased, is called its cost price (C.P.).
Selling Price: Price at which an article is purchased is known as its selling price (S.P.).
Profit or Gain: If SP is greater than CP then the seller is said to have profit or gain.
Here note that total C.P is C.P of the article plus the repairs made on it, as the cost we will incur is cost price plus the cost of repairs we made on it.