A cycle is sold for Rs. $1{,}920$ at a profit of $20\%$. The cost price is

A cycle is sold for Rs. $1{,}920$ at a profit of $20\%$. The cost price is
  1. Rs. $1{,}500$
  2. Rs. $1{,}536$
  3. Rs. $1{,}600$
  4. Rs. $1{,}700$

Solution

$\text{SP} = \text{CP} \times \dfrac{100 + \text{profit}\%}{100}$. So $\text{CP} = \dfrac{1920 \times 100}{120} = 1600$.

Asked in: IMO

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