The selling price of a mobile phone is ₹ 59,620 and it was sold at 8.4% profit. The cost price (in ₹) of the mobile phone is:
Answer & explanation
Correct answer: option 2
According to the question
8.4% profit means 108.4% of the cost price.
108.4% of the cost price = ₹ 59,620
100% of the cost price = \(\frac{59620 × 100}{108.4}\) = 55000