The selling price of a toy is Rs. 1,020. If the profit made by the shopkeeper is 20%, what is the cost price of the toy?
Rs. 850
When an article is sold at a profit, the profit percentage is always calculated on the cost price. So a profit of 20% means the selling price is the cost price plus 20% of the cost price, that is, 120% of the cost price.
Step 1 — Let the cost price be \(C\). Then the selling price is \(C + \dfrac{20}{100}C = \dfrac{120}{100}C = \dfrac{6}{5}C\).
Step 2 — Equate this to the given selling price: \(\dfrac{6}{5}C = 1020\).
Step 3 — Solve: \(C = 1020 \times \dfrac{5}{6} = 170 \times 5 = 850\), so the cost price is Rs. 850.
Check — 20% of Rs. 850 is Rs. 170, and Rs. 850 + Rs. 170 = Rs. 1,020, which matches the selling price. Taking 20% of the selling price instead (1,020 − 204 = 816) is a common slip; the other amounts give selling prices of Rs. 840, Rs. 900 and Rs. 960, none of which is Rs. 1,020.
Rs. 850 option is correct.
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