A trader expects a gain of 15 % on his cost price. If in a week his sale is of Rs. 580, then what is his profit?
Choose the correct choice from the following choices
A) 75.65 B) 73.26 C) 72.5 D) 70.78 E) 71.62
Explanation:   We are given selling price = Rs. 580 and expected profit of 15 %   Therefore, we can easily solve this numerical, considering basic formulae of profit and loss.   Let cost price = x   Selling price = C.P. + Profit   S.P. = C.P. + (15% of C.P.) ---------- (We know that profit is gained on cost price)   580 = x + (0.15 x)   580 = 1.15 x   Therefore,   x = 504.347   Cost Price = Rs. 504.35   Now, we have the cost price and hence,   Profit = S. P. – C.P. = 580 – 504.35 = Rs. 75.65   The trader gets a profit of Rs. 75.65   75.65NSWER IS 75.65
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A trader expects a gain of 15 % on his cost price. If in a week his sale is of Rs. 580, then what is his profit?