Question

A man sold an article for ₹247.50, thereby gaining 12.5%. The cost of the article (in ₹) was:

• A. 225
• B. 220
• C. 224
• D. 210

Answer 1

Answer:

B. 220

Selling price (SP) = ₹247.50
Gain = 12.5%

Convert percentage

12.5% = 1/8

So,
SP = CP + Gain
$Gain = ( \frac{1}{8} ) of CP$

Therefore,

$SP = CP + \frac{1}{8}CP$
$SP = \frac{9}{8}CP$

Substitute SP

$247.50 = \frac{9}{8}CP$
$CP = 247.50 \times \frac{8}{9}$
$CP = 220$
Cost Price = ₹220