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Question
The cost of an article was Rs 15,500. Rs 450 were spent on its repairs. If it is sold for a profit of 15%, find the selling price of the article
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Solution
Total cost of an article = Cost + Overhead expenses
= Rs 15500 + Rs 450
= Rs 15950
Profit % = `"Profit"/"C.P" xx 100`
15 = `"Profit"/"Rs 15950" xx 100`
Profit = Rs `(15950 xx 15)/100` = Rs 2392.50
∴ Selling price of the article = C.P. + Profit = Rs (15950 + 2392.50)
= Rs 18342.50
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