Rajesh made a profit of 14% when he sold a raincoat for ₹7,980. Find the cost price of the raincoat.
- A₹6,500
- B₹6,000
- C₹7,000
- D₹7,500
Solution & Step-by-step Explanation
Given:
Selling Price (SP) =₹7,980
Profit Percentage =14%
The formula relating Cost Price (CP) and Selling Price (SP) is:
CP=
1+
100
Profit%
SP
CP=
1+
100
14
7980
=
100
114
7980
=
114
7980×100
Let's simplify:
114
7980
=70
Therefore:
CP=70×100=₹7,000
Selling Price (SP) =₹7,980
Profit Percentage =14%
The formula relating Cost Price (CP) and Selling Price (SP) is:
CP=
1+
100
Profit%
SP
CP=
1+
100
14
7980
=
100
114
7980
=
114
7980×100
Let's simplify:
114
7980
=70
Therefore:
CP=70×100=₹7,000