A shopkeeper sells 12 cycles at a profit of ₹516 on each cycle and 3 cycles at a loss of ₹129 on each cycle. If he gains overall profit of 15% on all cycles, then find cost price of each cycle.
Answer & explanation
Correct answer: option 1
Total profit on 12 cycles = 516 × 12 = 6192
Total loss on 3 cycles = 3 × 129 = 387
Total profit = 6192 - 387 = 5805
x × \(\frac{15}{100}\) = 5805
x = 38700
Cost price of each cycle - \(\frac{38700}{15}\) = 2580