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A shopkeeper bought an article for ₹740. At what price (in ₹) should he sell the article to make 20% profit?
876
900
592
888
888
Calculate 10% of 740 which is 74, double it to get 20% (148), and add it to 740: 740 + 148 = 888.
Cost Price (CP) = ₹740, Profit Percentage = 20%
SP=CP×(1+100Profit%)
Calculate 10% of 740 which is 74, double it to get 20% (148), and add it to 740: 740 + 148 = 888.
Many students calculate 20% of the cost price and forget to add it back to the cost price, wrongly selecting the profit amount itself.
Identify Given Values
From the problem, the cost price of the article is given as CP=740 and the target profit percentage is Profit%=20%.
CP=740,Profit%=20%
Apply Selling Price Formula
The formula to find the selling price when cost price and profit percentage are known is SP=CP×(1+100Profit%).
SP=CP×(1+100Profit%)
Substitute Values and Compute
Substitute the given values into the formula: SP=740×(1+10020)=740×1.20.
SP=740×1.20=888
D is correct because the calculated selling price of the article is ₹888.
Understanding profit and loss percentages directly translates to compound interest growth factors and percentage markup problems in quantitative aptitude.
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