Find the cost price of an article which is sold for Rs 3430 at a profit of \(16\frac{2}{3}\)%.
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → Rs 2940
A profit of \(16\frac{2}{3}\)% \(\displaystyle =\frac{1}{6}\) of the cost price, so the selling price is \(\displaystyle \frac{7}{6}\) of the cost price.
\(\displaystyle \frac{7}{6}\times\text{Cost price}=3430\)
\(\displaystyle \text{Cost price}=\frac{3430\times6}{7}=\) Rs 2940
The cost price is Rs 2940.