Question

When a shopkeeper increases the selling price of an item from Rs. 2252 to Rs. 2360, his profit is increased by 10%. What is the cost price of the item?

1. Rs. 2230
2. Rs. 1890
3. Rs. 1080
4. Rs. 1145
5. Rs. 2000

Answer 1

Correct Answer - Option 3 : Rs. 1080

Given:

Sp of an item is increased from Rs. 2252 to Rs. 2360

Concept:

Increase in profit is proportional to increase in selling price.

Formula:

y% of Cp = increase in Sp

Where,

y% = increase in profit %

Cp = cost price

Sp = sell price

Calculation:

Increase in sell price = Rs. (2360 – 2252) = Rs. 108

Let cost price be x

10% of x = 108

10/100 × x = 108

1/10 × x = 108

x = 108 × 10

x = 1080

∴ Cost price of the item is Rs. 1080