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Question

An article is sold at a profit of 20%. If both the cost price and selling price were to be Rs. 20 less the profit would be 10% more. Find the cost price of the article
  1. Rs. 120
  2. Rs. 80
  3. Rs. 60
  4. Rs. 75

A
Rs. 60
B
Rs. 75
C
Rs. 120
D
Rs. 80
Solution
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Let the cost price be x
Since profit is given as 20%, selling price will be (1+0.2)x
Thus, selling price would be 1.2x.
When C.P. and S.P. are Rs. 20 less then,
C.P. =x20
S.P. =1.2x20
According to the given condition,
Now, 1.2x20=1.3×(x20)
1.2x20=1.3x26
1.3x1.2x=20+26
0.1x=6
x=60
therefore, the cost price of the article is Rs. 60.

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