A shopkeeper buys 80 articles for Rs.2,400 and sells them for a profit of 16%. What will be the selling price of one article?

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Detailed Solution

Given that, the cost of 80 articles is Rs. 2400 and profit is 16%.
We know that,
Selling Price = Cost Price + profit
Selling price of one article

= S e l l i n g price of n articles n

The shopkeeper buys 80 articles for Rs.2,400 and sells them for 16% of profit.
Considering,
The cost price of 80 articles(C.P) = Rs.2,400
The profit of 80 articles = 16% of the cost price of 80 articles.
Profit of selling 80 articles is 16% of cost price of 80 articles

p r o f i t = 16100 × C . P = 16100 × 2400 = 384

Profit of selling 80 articles is Rs.384.
Calculating the selling price for 80 articles,
Selling price of 80 articles = Cost price of 80 article + Profit of 80 article

= 2400 + 384 = 2784

So, the Selling Price of 80 articles is Rs.2,784.
Substitute the value and find the selling price for one article.
Now calculating the selling price of a single article:
Selling price of one article =