The difference between 8% profit and 13% loss while selling an item was
₹ 115.50. What was the cost price of the item?

Correct option is C

Given:

Profit percentage = 8%
Loss percentage = 13%
Difference in amount = ₹115.50
Formula Used:

Profit or Loss = $$\frac{(Percentage × Cost \ Price) }{ 100}$$​​
Total difference = Profit - (–Loss) = (8% + 13%) of Cost Price
Solution:

Combine the percentage difference:
Total difference = 8% + 13% = 21% of Cost Price
Set up the equation:
21% of CP = ₹115.50
​$$\begin{aligned}&\frac{21}{100} \times \text{CP} = 115.50 \\&\Rightarrow \text{CP} = 115.50 \times \frac{100}{21} \\&\Rightarrow \text{CP} = ₹550\end{aligned}$$​​

The cost price of the item is ₹550.