Q:
The cost price of a college bag is 240% more than the profit obtained on it selling at Rs. 1540. What is the cost price of that college bag?
Answer & Explanation
Answer: A) Rs. 1190
Explanation: Let the profit be Rs. p
Then Cost price of the bag = 340p/100 = 3.4p
According to question,
3.4p + p = 1540
4.4p = 1540
p = 1540/4.4
p = 350
The profit p = Rs, 350
Hence, The cost price of the bag = 3.4p = 3.4 x 350 = Rs. 1190.
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