Question

Amar was the owner of a Company XYZ. He sold the bike at Rs. 5500 and got percentage profit 10%, then find the cost price of that bike.
1. Rs. 3000
2. Rs. 5000
3. Rs. 4000
4. Rs. 3500
5. None of these

Answer 1

Correct Answer - Option 2 : Rs. 5000

Given:

Selling price = Rs. 5500

Percentage profit = 10%

Concept:

Percentage profit = \(\frac{{{\rm{Selling\;price\;}} - {\rm{\;Cost\;price}}}}{{{\rm{Cost\;price}}}} \times 100\% \)

Calculation:

⇒ \(10\% = \frac{{5500{\rm{\;}} - {\rm{\;Cost\;price}}}}{{{\rm{Cost\;price}}}} \times 100\% \)

⇒ 10 × cost price = 5500 × 100 – 100 × cost price

⇒ 110 × cost price = 550000

⇒ Cost price = \(\frac{{550000}}{{110}}\)

⇒ Cost price = 5000

∴ Cost price of bike is Rs. 5000