A factory owner earns 12% on the product manufactured by him. The shopkeeper earns 10% profit on the same item. If shopkeeper sells the product for Rs. 98.56, then the cost price of the product for the factory owner is Rs. ____________.
Given: A factory owner earns 12% on the product manufactured by him. The shopkeeper earns 10% profit on the same item. If shopkeeper sells the product for Rs. 98.56.
Formula Used: Selling price = Cost price + Profit
Solution:
Let the factory owner's cost price be x.
Factory owner's selling price = x + 12% of x = 1.12x
Shopkeeper's cost price = 1.12x
Shopkeeper's selling price = 1.12x + 10% of 1.12x = 1.12x ×1.1 = 1.232x
1.232x = 98.56
=> x = 98.56 / 1.232 = 80
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