The cost of an item is Rs.500. It was sold with a profit of 20%. The selling price of the item is?
Given :
Cost of an item $=$ Rs. 500.
It was sold with a profit of 20%.
To find :
We have to find the selling price.
Solution :
Profit on the item $= Rs. \frac{20}{100} \times 500 = Rs. 100$.
We know that,
$S.P. = C.P. + Profit$
Selling price of the item $= Rs. 500 + Rs. 100 = Rs. 600$.
Therefore, the selling price is Rs.600.
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