Question : The selling price of an article is INR 520. If the loss percentage is 20%, then what is the cost price of the article?
Option 1: INR 600
Option 2: INR 650
Option 3: INR 700
Option 4: INR 720
Answer (1)
11th Jan, 2024
Correct Answer: INR 650
Solution :
Selling price = INR 520
Loss = 20% of cost price
We know that cost price = loss + selling price
Cost price = 20% of cost price + 520
80% of cost price = 520
⇒ Cost price = $\frac{520}{0.8}$ = INR 650
Hence, the correct answer is INR 650.
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