By selling an item for ₹1,150, a shopkeeper gains 15%. What did the item cost?
Correct answer: D. ₹1,000
SP = 115% of CP, so CP = 1150 ÷ 1.15 = ₹1,000. (Taking 15% off ₹1150 gives the wrong answer, because profit is on cost.)
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Answer and explanation
The correct answer is D. ₹1,000
SP = 115% of CP, so CP = 1150 ÷ 1.15 = ₹1,000. (Taking 15% off ₹1150 gives the wrong answer, because profit is on cost.)
Topic: Percentage, Profit and Loss MCQs · Subject: Quantitative Aptitude