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The initial price of an article is decreased by 20% but the selling price remains constant. If the initial profit was 500 rupees, find the new profit. It is known the initial profit percent was 20% of cost price.

The initial price of an article is decreased by 20% but the selling price remains constant. If the initial profit was 500 rupees, find the new profit. It is known the initial profit percent was 20% of cost price. Correct Answer 1000 rupees

Let the initial cost price be x. The initial selling price = x + 500 rupees The new cost price = x – 20% of x = 0.8x The final selling price = x + 500 The initial profit = x + 500 – x = 500 The final profit = x + 500 – 0.8x = 0.2x 20% of the cost price = 500 The initial cost price = 500 / 20 * 100 = 2500 X = 2500 The final profit = 500 + 2500 / 5 = 500 + 500 = 1000

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