An article is sold at a profit of $13 \frac{1}{4} \%$. Had it been sold for $Rs. 76.70$ more, the profit would have been $16 \frac{1}{5} \%$. 50% of the cost price of the article (in Rs.) is:
Answer & explanation
Correct answer: option 3
Let the CP be 100x.
So, SP = 113.25x [ 13\(\frac{1}{4}\) % = 13.25%]
New, SP = 116.2x [16\(\frac{1}{5}\) % = 16.2%]
According to the question,
116.2x - 113.25x = 76.7
⇒ 2.95x = 76.7
⇒ x = \(\frac{76.7}{2.95}\) = 26
So, CP = 100 × 26
⇒ Rs. 2600
50% of CP = 1300