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A shopkeeper bought an article for ₹740. At what price (in ₹) should he sell the article to make 30% profit?
950
962
518
974
962
Calculate 30% of 740: 10%=74, so 30%=74×3=222. Then SP=740+222=962.
Cost Price (CP) = ₹740, Profit Percentage = 30%
SP=CP×(1+100Profit%)
Calculate 30% of 740: 10%=74, so 30%=74×3=222. Then SP=740+222=962.
Many students calculate 30% of the cost price but forget to add it to the original cost, or accidentally subtract it if they misread the profit as loss.
Identify Given Values
The cost price is given as CP=740 and the required profit is 30%.
CP=740,Profit%=30
Apply Profit Formula
The selling price is calculated using the profit percentage formula SP=CP×(1+100P).
SP=740×(1+10030)=740×1.3
Calculate Final Price
Multiplying the values gives 740×1.3=962.
SP=962
B is correct because the selling price calculated at 30% profit on ₹740 results in ₹962.
This concept is foundational for 'Profit and Loss' chapters, and similar percentage-based increases are frequently tested in 'Compound Interest' calculations.
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