What is the selling price if a profit of 5% is made on a fan bought fo...
C.P. = 560 + 40 = 600
S.P. = 600 + 5% of 600
What is the selling price if a profit of 5% is made on a fan bought fo...
To find the selling price, we need to calculate the total cost and then add the desired profit.
1. Calculate the total cost:
The fan was bought for Rs. 560 and an additional Rs. 40 was spent on its repair. So, the total cost of the fan is Rs. 560 + Rs. 40 = Rs. 600.
2. Calculate the profit:
The desired profit is 5% of the total cost. To calculate this, we can use the formula:
Profit = (Profit percentage/100) * Cost price
Profit = (5/100) * 600 = Rs. 30
3. Calculate the selling price:
The selling price is equal to the total cost plus the profit. So, the selling price is:
Selling price = Total cost + Profit
Selling price = 600 + 30 = Rs. 630
Therefore, the selling price of the fan is Rs. 630.
Calculation summary:
Total cost = Rs. 600
Profit = Rs. 30
Selling price = Rs. 600 + Rs. 30 = Rs. 630
The correct answer is option B) Rs. 630.