A trader sold an article for N4,600.00 thereby making a profit of 15%. Calculate the cost price of the article
A
N3450.00
B
N3910.00
C
N4000.00
D
N5290.00
E
N6900.00
Verified Correct Answer: C.
Step-by-Step Mathematical Solution
SP = #4600, profit % = 15
% profit = \(\frac{SP - CP}{CP}\) X 100
\(\frac{15}{100} = \frac{4600 - CP}{CP}\)
15CP = 460000 - 100CP
15CP + 100CP = 460000
CP = \(\frac{460000}{115}\) = #4000
Cost price of article = #4000
OR
Profit % = 100 + 15 = 115
CP = \(\frac{4600 \times 100}{115}\) = #4000
Source: Myschool Past Questions Archive (Record #41889)